Many people assume rising Treasury yields are automatically negative for #Bitcoin. The key is why yields are rising. If yields rise because investors are demanding more compensation to hold U.S. government debt, that signals weakening demand for Treasuries rather than simply tighter financial conditions. In that environment, capital starts looking for assets with stronger store-of-value characteristics and better upside potential. That is where Bitcoin can benefit. Higher yields driven by stronger growth are one thing. Higher yields driven by declining confidence in government debt are a very different thing.