According to The Kobeissi Letter, US household debt surged by $167 billion in Q1 2025, reaching a historic high of $18.2 trillion. The primary driver was mortgage debt, which climbed $199 billion to a record $12.8 trillion. Over the past decade, total household debt has increased by $7 trillion (source: The Kobeissi Letter, Twitter, May 15, 2025). Rising debt levels raise concerns about consumer spending power and financial stability, which could drive increased interest in decentralized assets like Bitcoin and stablecoins as investors seek alternative stores of value and hedges against traditional market risk.