Currency Debasement Was So 2020. Now What? Bitcoin and gold have run into what may be bear-market headwinds from vigilant central banks. I don't believe revived concern about currency debasement will buoy the former high fliers, as the biggest money pump in history in 2020 may be shifting to an inevitable post-inflation deflation cycle. For the first time since 3Q21, when they were on the way down, fed funds futures in one year (FF13-FF1) are priced for roughly 50 bps of rate hikes, in sync with most central banks that are focused on restraint. Compared with now, Bitcoin and gold were at discounts in 3Q21. They were negatively correlated with the US stock market in 2019 and were the right assets to buy on dips. Now highly correlated to the S&P 500, both gold and Bitcoin appear to be sock puppets, as the wealth-creation and inflation effects of equities reach multidecade extremes. On the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkoh58kijh8i {BI COMD} #gold #Bitcoin #stockmarket @BBGIntelligence(Mike McGlone)