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Joe Consorti highlights the striking contrast between traditional and digital assets, noting that bitcoin pays no yield while the 10-year Treasury now offers 5.3 percent, its highest level in 24 years.
Despite conventional thinking that rising Treasury yields should suppress bitcoin, the cryptocurrency surged 43 percent in the last quarter, marking its strongest performance since 2024. Consorti also observes that during the last period of such high Treasury yields, bitcoin did not exist.
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Consorti previously noted that gains in the U.S. stock market help sustain both consumer spending and Treasury funding, creating potential risks if equities weaken (link). He has also reported on issues facing newer digital assets, such as the Blake2b Bitcoin hard fork coin, which struggled to achieve exchange listings after launch (link). These observations offer context to his recent comments on bitcoin and Treasury yields.