Bitcoin’s 23 Percent Surge Wasn’t Just a Crypto Rally. It Was a Vote Against Government Money
Here’s how Scott Bessent revived the debasement trade.
Scott Bessent. Illustration: Inc.; Photos: ; Adobe Stock
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Scott Bessent had planned to talk the bond market down but instead juiced up bitcoin, gold, silver and platinum.
When the U.S. Treasury signals that bond yields present a policy problem, it also implies that the currency will be the release valve, which in turn pushes investors toward hard assets that operate beyond government money printing.
The 30-year last week touched its 5.3 percent
The 30-year last week touched its 5.3 percent for the first time since 2007, and it’s shorter-dated counterparts have also turned sharply higher in August.
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Between how bond traders have been positioning and what Treasury Secretary Bessent has been communicating, the debasement trade has found its moment of revival, as I wrote last week.
Gold jumped more than 5 percent last week while bitcoin notched a 23 percent gain for its best week since 2023.
Silver and platinum, similarly, have rallied and all signs point to these two — as well as bitcoin — joining gold with positive year-to-date returns soon.
Source: www.inc.com
