Bitcoin Has Never Faced Global Bond Yields This High Since It Was Born

Global bond yields have reached levels last seen in July 2008. Bitcoin (BTC) did not exist then. The asset has never traded through borrowing costs this high, and it is not benefiting now.

Gold rose 32% over the past year. Bitcoin fell 46%. Investors who expected a debt squeeze to lift a scarce asset backed the wrong one.

Bond Yields Return to a Level Bitcoin Has Never Seen

A bond yield is what a government pays to borrow. Those costs are now the heaviest in almost two decades.

A Bloomberg gauge of long-dated government debt hit its highest yield since July 2008 in May. It tracks sovereign bonds maturing in 10 years or more.

Bitcoin's whitepaper appeared that October. The first block followed on January 3, 2009, six months after the peak.

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