Gold and Bitcoin are rallying in tandem as investors pile into what Wall Street has started calling the “debasement trade.” The logic is straightforward: when a government’s debt tab gets large enough, you park your money in things that can’t be inflated away.
The numbers behind the panic
US national debt crossed $40 trillion in August 2026. Annual interest payments on that debt are now approaching $1 trillion.
Gold has responded by climbing more than 15% month-to-date, pushing above $4,700 per ounce and hitting three-month highs. Bitcoin has recorded weekly gains north of 20% and is trading above $77,000.
Dalio’s playbook goes mainstream
