CNBC
The 'debasement trade' returns after Bessent bond maneuver. Crypto and gold are back in style
Tuesday, August 25, 2026
Treasury Secretary Russell Bessent's bond sales announcement in 2026 prompted renewed investor interest in assets traditionally viewed as hedges against currency devaluation, including cryptocurrencies and precious metals. The debasement trade refers to investment strategies based on the assumption that government spending will lead to currency weakening. Bessent's statement on bond issuance came as federal spending remained elevated. Cryptocurrency and gold prices moved higher following the announcement.
Original reporting: https://www.cnbc.com/2026/08/25/debasement-trade-debt-gold-bitcoin-dollar.html