#gould For many years now, there has been one narrative that Bitcoin has sought to capitalise on. And that is if governments borrow too much, fiat currencies lose their purchasing power and investors will seek refuge in scarcer assets. That is the idea of the debasement trade.
Now with US government debt topping $40 trillion and long-term Treasury yields rising to multi-year highs, concerns around fiscal sustainability is becoming harder and harder to ignore. And it is not just in the US, we're also seeing that to be the case in Japan, Europe, and the UK.