Elevated Stocks, Competition, 5% 10-Year vs. Bitcoin When the US Treasury 10-year yield reached 0.5% in 2021, with Bitcoin under $10,000, selling bonds and buying the crypto was the right thing to do, but with both yields and Bitcoin up about 10x, it may be the opposite now. My graphic features two main reasons: the highest 10-year yield and US stock-market capitalization vs. public debt since 2001 on a year-end basis. Bitcoin's roughly 70% declines in 2018 and 2022 -- both midterm election years -- came alongside the stocks-to-debt ratio dropping to about 1.2x. Now it's 2.1x. A top potential pressure factor for Bitcoin and yields may be a modest drop in the stock market. If stocks and yields stay elevated, it reduces the attraction of the highly speculative first-born crypto, which has no income and is now among millions of cryptocurrency competitors. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tlt7yakgifpe {BI COMD} #Bitcoin #bonds #stocks @BBGIntelligence