Wall Street is beginning to price a more fragile America as war, debt, and inflation risks collide. Concerns have grown about the future of the US dollar as geopolitical and macroeconomic risks mount. Billionaire investor Ray Dalio warned that the ongoing Iran war and disruptions around the Strait of Hormuz could potentially erode the dollar's global role if the current situation continues. Meanwhile, Bitcoin CEO Brian Armstrong suggested that Bitcoin could serve as a market check on fiscal excess and serve as an effective deterrent to fiscal excess. He suggested that the currency could reinforce the system by disciplining excess spending and helping to maintain its dominance. The US national debt has reached a record $39 trillion, raising concerns about long-term sustainability.