Investors are increasingly treating Bitcoin as a hedge against currency debasement, positioning it alongside gold and the Swiss franc rather than tying its value to US cryptocurrency policy outcomes, according to Michael Bucella, co-founder of Neoclassic Capital.
Speaking on CNBC's Power Lunch, Bucella pointed to the US national debt climbing past $40 trillion as the driving factor behind this shift. He argued that investors increasingly view scarce assets like gold and Bitcoin as insurance rather than as bets dependent on regulatory clarity.
Legislative Uncertainty
The Digital Asset Market Clarity Act, which would classify cryptocurrency tokens as either securities or commodities, failed to advance in the Senate this month. Though the bill cleared the House in 2025, it has stalled amid disputes over enforcement authority.
Bitcoin and Ether ETFs experienced brief outflows of hundreds of millions of dollars following the bill's stall. However, Bucella noted that roughly $1 billion in Bitcoin ETF inflows arrived shortly after, suggesting investor sentiment can shift quickly regardless of congressional action.
New Market Dynamics
Bucella cited emerging lending products that allow holders to borrow against Bitcoin more easily onshore, reducing pressure for holders to sell their positions.
He described conversations with investors in Switzerland who argued that holding scarce, non-dollar assets made more sense than waiting for legislative clarity. According to Bucella, these investors noted that the franc, gold, and Bitcoin are all strengthening.
Bucella cautioned that Bitcoin remains a risk asset overall, meaning broader macroeconomic conditions will continue to influence its price alongside the debasement narrative.
