The thesis is that high yields on long-term U.S. Treasuries make non-yielding assets like bitcoin less attractive. Most lofty targets are based on the assumption that money will rotate out of gold and other assets and into bitcoin, but ignore opportunity cost. High yields on long-term U.S. Treasuries make non-yielding assets like bitcoin less attractive. Bitcoin's price relative to the 30-year Treasury yield never made a new high in the 2025 bull run, unlike its dollar price. That ratio ha…
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