Philip Lane, Chief Economist of the European Central Bank, has highlighted potential risks to the U.S. dollar's international status due to political pressures on the Federal Reserve. Lane warns that these pressures could lead to increased term premiums and a reassessment of the dollar's role, potentially impacting global markets. This situation could position Bitcoin as a safe haven asset, especially if governance concerns lead to a weakening dollar. Lane's analysis suggests that rising U.S. yields could tighten global liquidity, affecting risk assets like Bitcoin. However, if governance risks prompt a dollar depreciation, Bitcoin might act as a "pressure valve" or alternative monetary asset. The cryptocurrency's correlation with macroeconomic factors and its role in the financial ecosystem could amplify its response to such shifts. As stablecoin infrastructure ties closely to U.S. Treasury dynamics, term premium shocks could directly influence crypto markets, affecting liquidity and transaction conditions.