The debasement trade is back as gold and bitcoin surge and the dollar slides

Gold and bitcoin both climbed while the dollar slid as investors rotated back into a “debasement” trade amid expectations of looser monetary policy and renewed inflation concerns. Bitcoin’s rally accompanied gold’s gains, reflecting growing demand for scarce, non‑dollar stores of value. The consensus view is that macro drivers — lower real yields and dollar weakness — are supporting crypto flows and price momentum. The key implication is a bullish near‑term outlook for Bitcoin as an inflation hedge, though its gains remain vulnerable to any reversal in dollar direction or shifts in Fed policy.