Bitcoin Has Never Faced Global Bond Yields This High Since It Was Born

The article argues that Bitcoin is struggling in a macro environment it was designed to hedge against: elevated global bond yields and real rates. Global long-term government bond yields have climbed to levels last seen in July 2008, with the Bloomberg Global Long Bond Index yield around 4.2%. The U.S. 10-year yield is near 4.69% and the 30-year auction on August 13 cleared at 5.216%, the highest since 2001. Higher real yields reduce the appeal of non-yielding assets like Bitcoin, helping explain why BTC has fallen 46% over the past year even as gold rose 32%. The piece concludes that unless long-dated bond demand improves or yields fall, Bitcoin faces continued pressure despite its original role as a scarce alternative to strained sovereign finances.