US 30-year Treasury yields topped 5% for the first time since 2007, reaching 5.25% on August 14. AI giants, known as hyperscalers, have issued 159 billion dollars in bonds in 2026, compared to an annual average of only 28 billion dollars between 2020 and 2024, now accounting for 27% of all net investment-grade bond issuances in the United States. This wave of private debt is directly competing with US Treasury issuance, and Barclays estimates that hyperscaler borrowing growth, expected at +474 billion dollars, already exceeds the space freed up by Treasury Secretary Scott Bessent’s strategy, which doubled his long-bond buyback program. Against this competition, Bitcoin fell more than 46% over the past twelve months, while gold gained more than 32%, a gap of nearly 79 percentage points in favor of the yellow metal. US public debt crossed the 40 trillion dollar threshold on August 20, before Bitcoin briefly rallied to 75,750 dollars the following day.
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