If Japan raises interest rates, will $BTC crash? Historical experience tells us: every time Japan raises interest rates, market volatility increases. The 2000 Nasdaq crash and the 2007 subprime mortgage crisis both confirmed this. Now, Japan's debt has reached 260%, the highest in the world! An interest rate hike could trigger a government bond collapse and an arbitrage storm, further disrupting the market. Long-term low interest rates have allowed global investors to borrow yen to invest in U.S. stocks and high-risk assets like cryptocurrencies. After an interest rate hike, the cost of borrowing yen will rise, the yen will appreciate, and the returns on risk assets will be eroded, leading investors to sell these assets to reduce risk. $BTC could potentially plummet, representing a top-tier black swan event!