Bitcoin and Gold Are Surging Together: The ‘Debasement Trade’ Is Back

The past several days were quite eventful in all financial markets as volatility returned due to several macro factors.

Unlike most previous occasions, bitcoin was on the right side of history this time, staging a massive rally that drove it higher by $15,000 within 48 hours or so before it was stopped at $80,000.

At the same time, gold experienced some gains too, surging to almost $4,600 per ounce. These simultaneous moves are particularly interesting because the two assets spent much of 2026 struggling at different times.

The analysts at the Kobeissi Letter, though, said investors may now be witnessing the return of a familiar trader: buying scarce assets as protection against currency debasement.