Michael Bucella, co-founder of Neoclassic Capital, said that Bitcoin (BTC)’s price rise is not due to factors from Washington, but mainly because many investors have shifted to safe havens such as gold, the Swiss franc, and Bitcoin to avoid the risk of currency devaluation.
On CNBC’s Power Lunch program, Bucella emphasized that the U.S. national debt has exceeded $40 trillion, causing investors to increasingly view scarce assets such as gold and Bitcoin as a hedge against risk, rather than simply betting on policies related to crypto assets.
The price rally was not affected by the stalled bill
The Digital Asset Market Clarity Act, which aims to determine whether a token will be regulated as a security or a commodity, was not passed by the Senate in June 2024.
Although this bill passed the House of Representatives in 2025, the subsequent approval process was stalled due to disputes over oversight and enforcement powers. After that, Bitcoin and Ether (ETH) ETFs recorded withdrawals of hundreds of millions of USD within a short period.
However, according to Bucella, this effect only lasts briefly. He pointed out that just one day later, Bitcoin ETFs saw an additional inflow of about $1 billion, showing that whenever market sentiment turns positive again, investors immediately return—regardless of what the U.S. Congress does.
He also said that borrowing against Bitcoin is now becoming easier thanks to new lending products appearing in the domestic market, reducing the need for investors to sell Bitcoin when they need money.
“Swiss” strategy
Bucella recounted a conversation with two friends living in Switzerland. They believed that when the U.S. has $40 trillion in public debt, holding scarce assets not related to the U.S. dollar—such as gold, the franc, or Bitcoin—would be safer than waiting for these bills.
“The franc is strong, gold is strong, and Bitcoin is strong too.”
Michael Bucella, CNBC
This comparison reflects a major shift: an increasing number of investors are viewing Bitcoin as a place to hedge against currency devaluation, alongside gold and strong currencies, rather than relying solely on policies in the U.S.
Even so, Bucella also emphasized that, overall, Bitcoin remains a high-risk asset; its price will still be affected by the macroeconomic situation and the story about the risk of currency devaluation.
Bucella’s perspective shows that many investors now value Bitcoin based on its ability to hedge against the risk of currency devaluation rather than “chasing” the progress of legislation, especially as the U.S. Congress keeps postponing how long it will take to vote on the Clarity Act.
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