Aug 31, 2026 – 8.00pmAs US government debt cracked $US40 trillion ($56 trillion) this month for the first time, gold and bitcoin bulls have been piling back in to the so-called debasement trade, betting on the demise of the US dollar.Bitcoin surpassed $US80,000 for the first time since May while gold jumped roughly 10 per cent in August to around $US4,436 – its strongest performance since January – despite easing at the end of last week after hawkish comments from the US Federal Reserve chairman Kevin Warsh raised the spectre of an interest rate rise in September.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Gold and bitcoin rallied, but is last year’s hottest trade really back?
Investors are flocking back to gold and crypto as US debt concerns rattle global markets, but not everyone is convinced about the so-called debasement trade.
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