US Debt Hit $40 Trillion. So Where Is Bitcoin’s Debasement Trade?

US federal debt has crossed $40 trillion. The government is still running a deficit close to 6% of GDP. Long-term borrowing costs remain high. Yet Bitcoin is trading near $80,000, roughly 37% below its record high from last year. That creates an awkward question for one of Bitcoin’s oldest macro narratives. If rising debt and...