Senior economist Robin Brooks at the Brookings Institution argues that Bitcoin is neither a safe-haven asset nor a store of value comparable to gold, noting it has consistently underperformed precious metals during the currency debasement trade. He previously called Bitcoin a bubble asset in March 2023. Bitwise’s head of alpha strategies Jeff Park countered that Bitcoin has historically rallied during both bullish and bearish yield-curve steepening episodes, citing examples from March 2020, February 2021, March 2023, September-October 2023, and September 2024. Park suggests Bitcoin’s sensitivity to different yield curve dynamics enables it to benefit from both debasement and dedollarization trades.
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