The supply of U.S. Treasury bonds and credit have entered a fiscally unsustainable phase; expectations for debt monetization are clear, and BTC is resonating with gold.
If long-end yields surge too quickly, in the short term, funds will still compete for U.S. dollar liquidity.
Strip away the illusion of fiat currency; use gold as the benchmark for valuation. From the perspective of the BTC/gold exchange rate, it weakens the odds of simply shorting BTC directly by relying on right-side interest rates rising.
$BTC $XAUT
If long-end yields surge too quickly, in the short term, funds will still compete for U.S. dollar liquidity.
Strip away the illusion of fiat currency; use gold as the benchmark for valuation. From the perspective of the BTC/gold exchange rate, it weakens the odds of simply shorting BTC directly by relying on right-side interest rates rising.
$BTC $XAUT