𝐆𝐫𝐚𝐲𝐬𝐜𝐚𝐥𝐞 𝐜𝐥𝐚𝐢𝐦𝐬 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐝𝐞𝐛𝐚𝐬𝐞𝐦𝐞𝐧𝐭 𝐭𝐫𝐚𝐝𝐞 𝐢𝐬 𝐡𝐞𝐥𝐩𝐢𝐧𝐠 𝐁𝐢𝐭𝐜𝐨𝐢𝐧
The so-called debasement trade, according to Grayscale's crypto research team, is helping Bitcoin. According to research head Zach Pandl, unchecked government debt growth is undermining confidence in fiat currencies and pushing investors toward alternative stores of value like gold and some cryptocurrencies. The analysis stated that Bitcoin stands to gain the most, according to ChainCatcher.
The U.S. public debt has exceeded $40 trillion, according to the report, and the Treasury is buying back bonds to reduce growing borrowing costs as the core deficit persists. According to Grayscale, this could encourage investors to engage in debasement trades involving Bitcoin, Ethereum, and Zcash. The buybacks, according to Grayscale, demonstrate how the rise of government debt is driving up borrowing costs while simply addressing the symptom of higher bond yields rather than the structural deficit.
According to the research, Bitcoin started to rise last week while the dollar had its worst August week and hit a three-month low. After momentarily rising to $81,281 on Monday, Bitcoin was trading at about $77,493 as of Friday afternoon in New York; it had gained more than 20% over the previous 30 days but had barely changed over the previous day.
$BTC $ETH #BitcoinSpotETFEnds9DayInflowStreak #Bitcoin❗ #Binance
The so-called debasement trade, according to Grayscale's crypto research team, is helping Bitcoin. According to research head Zach Pandl, unchecked government debt growth is undermining confidence in fiat currencies and pushing investors toward alternative stores of value like gold and some cryptocurrencies. The analysis stated that Bitcoin stands to gain the most, according to ChainCatcher.
The U.S. public debt has exceeded $40 trillion, according to the report, and the Treasury is buying back bonds to reduce growing borrowing costs as the core deficit persists. According to Grayscale, this could encourage investors to engage in debasement trades involving Bitcoin, Ethereum, and Zcash. The buybacks, according to Grayscale, demonstrate how the rise of government debt is driving up borrowing costs while simply addressing the symptom of higher bond yields rather than the structural deficit.
According to the research, Bitcoin started to rise last week while the dollar had its worst August week and hit a three-month low. After momentarily rising to $81,281 on Monday, Bitcoin was trading at about $77,493 as of Friday afternoon in New York; it had gained more than 20% over the previous 30 days but had barely changed over the previous day.
$BTC $ETH #BitcoinSpotETFEnds9DayInflowStreak #Bitcoin❗ #Binance