In Switzerland, People Are Long on Franc, Gold, BTC Because of US $40T Debt

Neoclassic Capital co-founder Michael Bucella says Bitcoin (BTC) is climbing for reasons that have little to do with Washington, framing the rally instead as part of a broader move into gold, the Swiss franc, and Bitcoin as debasement hedges.

Speaking on CNBC’s Power Lunch, Bucella pointed to a US national debt that has climbed past $40 trillion, arguing investors increasingly treat scarce assets like gold and Bitcoin as insurance rather than bets tied to crypto legislation.

A Rally That Outlasted a Stalled Bill The Digital Asset Market Clarity Act, a bill meant to settle whether tokens are regulated as securities or commodities, failed to advance in the Senate this month.

The bill cleared the House in 2025 but has since stalled amid disputes over enforcement authority. Bitcoin and Ether (ETH) ETFs briefly bled hundreds of millions of dollars in the aftermath. Bucella said that reaction proved short-lived.