Mike McGlone, senior macro strategist at Bloomberg Intelligence, has identified US Treasuries offering yields around 5% as the preferred alternative for investors holding Bitcoin and gold. The Federal Reserve raised its benchmark interest rate by 25 basis points on September 16, 2026, bringing it to a range of 3.75% to 4%, while the yield on 10-year US government bonds approached the psychological 5% level. The ratio of the Bloomberg Commodity Spot Index (BCOM) to long-term bonds now stands at extreme levels comparable to those of 1990, typically precursors of a severe recession. Gold loses appeal due to the absence of coupon income and its guaranteed underperformance relative to the real yield of government bonds, while Bitcoin trades as a high-risk asset in a context of limited liquidity.
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