Global bond yields have reached their highest levels since July 2008, a period before Bitcoin was created. Bitcoin’s price has fallen 46% over the past year, failing to benefit from the debt squeeze, unlike gold which rose 32%. High real yields, such as the US 10-year real yield at 2.41%, make government bonds a low-risk alternative to Bitcoin. Factors like fiscal strains, inflation risks, and political uncertainty are driving yields higher globally. For Bitcoin to rebound, a shift in yield drivers towards solvency concerns would be necessary, but currently, demand for long-dated bonds remains soft.
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