Danish pension funds selling US bonds sparks reflection: Is the US fiscal policy truly "unsustainable"?

【BlockBeats】 Something interesting recently happened. A Danish institution managing a $25 billion pension fund, AkademikerPension, plans to liquidate all its U.S. Treasuries by the end of January. It’s not a major event, but the underlying logic is worth pondering.

The fund’s Chief Investment Officer, Anders Schelde, explained the decision: the overall creditworthiness of the United States is poor. He used a more straightforward expression — the U.S. government’s fiscal situation is “unsustainable” in the long term.

The specific figures are as follows: by the end of 2025, AkademikerPension will hold about $10 million in U.S. Treasuries. Although the absolute amount isn’t large, the move is symbolically significant. Schelde mentioned that the original reason for maintaining U.S. debt exposure was risk management and liquidity needs, but now they have decided to “look for alternatives.”

Several factors drove this decision. The Greenland controversy was mentioned, but the core concerns are twofold: first, doubts about U.S. fiscal discipline; second, the trend of a weakening dollar. From an asset allocation perspective, this logic is clear — since the dollar is weakening and U.S. debt risk is rising, why continue to hold U.S. Treasuries?

What implications does this have for the crypto market? The trend of the dollar and macro liquidity are fundamental factors influencing digital assets. Once U.S. assets become less attractive, capital flows will inevitably adjust. The fact that institutional investors like pension funds are starting to shift indicates that everyone is re-evaluating the long-term value of dollar assets.