Bitcoin Is Money Printing Protection as US Bond Yields Hit Lowest Ever

Bitcoin (BTC) is not a hedge against “every” global meltdown but will ultimately protect its users from central banks, governments and fiat money printing.

That was the consensus building among cryptocurrency supporters on March 10, as traders awaited the next stage of worldwide panic — this had given much of the economy its worst day since the 2008 financial crisis.

BTC increasingly “uncorrelated”

On Monday, currency markets and stocks led the losses, which were later joined by markets such as United States government bond yields.

In a move unprecedented in history, the entire U.S. bond yield curve dropped below 1% — signaling intense concern from traders over a global recession, an oil price war and, of course, coronavirus. 

Bitcoin 1-year chart versus U.S. 10-year bond yields. Source: Skew Markets

At the same time, Bitcoin shed around 15% overnight, volatility which at press time had nonetheless subsided.

Noting historical behavior, Hunter Horsely, CEO of BitWise, said…