According to CoinMeta, Wu said that Grayscale, the research supervisor of Zach Pandl, stated that "currency devaluation transactions" and "dollar-denomination reduction transactions" overlap but are not the same. The former is mainly driven by continuous debt growth, structural inflation risks, and the demand for alternative value storage tools, while the latter stems from international payment and capital market frictions caused by U.S. foreign policy, as well as the demand for alternative transaction mediums. Pandl believes that with these two trends combined, gold, the euro, the Chinese yuan, Bitcoin, Ethereum, and Zcash will become the main beneficiaries.