- Concern about the rapidly rising U.S. government debt is partly behind recent surges in gold prices and bitcoin, even as the Treasury market so far remains relatively sanguine about the country's fiscal path, market observers say.
That “at the margin pushes investors to allocate more towards something like than they otherwise would,” and for gold “it’s even bigger there,” Bechtel said. “Concerns about debasing of fiat money is generally one of the drivers of the gold bugs. That has traditionally been bullish for bitcoin, said Bechtel. Bitcoin reached a record $73,803 in March.
So far, however, several Treasury market indicators show that bonds are not pricing in a worsening fiscal outlook, said Nicholas Colas, co-founder of DataTrek Research.
Source: Digital Coin News (digitalcoinnews.net)
Congressional Budget Office Government Debt Lawrence H. White Treasury Fiat Money Gold Bugs Bitcoin Interest Rate
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