Every Zipp story tagged #DebasementTrade, newest first.
Gold has the reserve infrastructure central banks need today, while bitcoin offers a newer route to the same scarcity thesis through spot ETFs.
UK 10-year gilts above 5.2%, US Treasury yields past 4.8%, and Bitcoin has pulled back from $81K. The risk-off unwind is now global, not UK-specific.
Treasury buybacks, not a Fed pivot, lit the rally. Bessent's failed bid now risks inviting the bond vigilantes it was meant to preempt.
The $150K base case anchors a $200K mid-2027 bull scenario and $1M by 2033, while a sharp Strategy target cut frames the next leg as macro repricing rather than cycle repeat.
The signal would broaden Bitcoin’s macro case beyond AI-led enthusiasm, but trading rank alone does not establish sustained net inflows.
Federal debt is growing roughly $7B a day, and observers say fiscal dominance will keep rates artificially low and liquidity flush, the conditions that re-ignite the bitcoin-and-gold bid.
A payrolls figure below the 110K consensus would validate Warsh's lower-inflation read, unwind lopsided dollar longs, and hand bitcoin and gold their next leg up.
The hawkish-Fed reversal of the scarce-asset trade is hitting all three simultaneously, and BTC just lost its 200-week moving average at roughly $60K.
All three stores-of-value trades are selling off in lockstep as markets price in two Fed rate hikes by March 2027, ending the dominant 2025 narrative that deficits would keep eroding fiat purchasing…
JPMorgan frames the two-week pullback as a broad de-risking from the Iran-conflict bid rather than a rotation from BTC into gold — and the CTA momentum signal is now flashing weakening.
CoinDesk
Benjamin Cowen
TheBlock
CoinTelegraph