During a recent appearance on CNBC, American investor Anthony Scaramucci poured cold water on the "debasement trade" narrative, setting himself apart from the broader cryptocurrency community.
Why gold is rallying higher
The "debasement trade" has been the key narrative over the past few months. Billionaire Ken Griffin recently opined that it was the reason why gold was surging to record highs.
The core idea behind the debasement trade is that the US dollar is losing its luster due to concerns about inflation. Hence, investors are flocking to safe-haven assets like gold.
However, Scaramucci believes that the yellow metal is actually rallying due to uncertainty surrounding trade.
"Gold is up because of the uncertainty around trade… gold was quiet in times that seemed much more turbulent than we're in right now," he told CNBC.
US dollar's strength
Even though Bitcoiners are generally convinced that the US dollar's days are numbered, Scaramucci does not share this sentiment. In fact, he is convinced that the dollar will remain the reserve currency for the next 50 years.
"It's going to be nearly impossible to knock it off its ledge," he said.
In fact, he believes that the proliferation of stablecoins will actually strengthen the dominance of the US dollar, echoing the talking points of the likes of Treasury Secretary Scott Bessent.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team