Bitcoin (CRYPTO: BTC) is up about 20% this week, and analysts argue that may be just the beginning.

They see the apex crypto as one of the beneficiaries of the Treasury’s support for long-dated bonds, which has revived the debasement trade narrative.

Why Debasement Trades Are Back in Focus

Blockworks’ head of content Felix Jauvin said on Wednesday. that “the dovish signals keep firing,” pointing to a shift in marginal macroeconomic policy towards the Treasury.

Jauvin argued that the U.S. government’s push to support the AI infrastructure buildout, much of which is being financed with debt, creates an incentive to prevent long-term Treasury yields from rising too far.

He also pointed to Treasury Secretary Scott Bessent‘s support for…