With the fiscal position of the United States once again at the centre of the market, the macroeconomic configuration logic of Bitcoin is being revisited by more institutions. In an interview with CNBC, Robbie Mitchnick, the digital asset manager in Beled, stated that debt and deficit issues were pushing investors to move to alternative value-storage assets such as bitcoin and gold.
Debt and deficit concerns are rising
According to Mitchnick, the size of the United States debt and the level of the fiscal deficit have become important concerns for the market. Whenever such issues return to the information centres, they usually lead to increased attention to assets such as gold and bitcoin.
His statement continued a major line in the institutional market in recent years, whereby some investors no longer viewed bitcoin only as a high-volatility risk asset, but also began to observe it in a broader macroshock and value storage framework.
Belet emphasizes macro-driven
From this statement, Belet placed more emphasis on the macro-factor driving the demand for bitcoin than on short-term regulatory progress. The statement implies that, in the view of some agencies, the attribution logic of bitcoin is increasingly linked to fiscal pressures, monetary credit and long-term asset fragmentation.
This has also brought bitcoin and gold closer to each other in part of the narrative. While they have different characteristics of volatility, they may be seen as alternative allocation directions to traditional financial assets when financial concerns rise.
Regulatory acts affect more industries.
For the United States Congress to advance CLARITY Act, Mitchnick argued that the bill was more important for the wider encryption industry than for the bitcoin itself.
This judgement reflects a distinction in the market: while progress in regulatory legislation affects trading platforms, token projects and industry compliance structures, bitcoin, as a single asset, is not necessarily demand-driven and is not fully dependent on the relevant legislation. At least in Belet’s view, the more topical variable today remains the impact of US fiscal pressure on market preferences.