Baek Jung

Long-term US Treasury yields (especially 30-year) are rising simultaneously across developed countries without clear reason, indicating a structural loss of trust in sovereign debt. The Fed will be forced into stealth quantitative easing to avoid a bond market crisis, but yields will continue to rise over the next two years as the market repudiates financial assets. This makes long-term US Treasuries unattractive and likely to decline in price.

Gold is a timeless, simple real asset that becomes a perfect long-duration safe haven when faith in government bonds collapses. Its large market cap and recent price run-up make it less attractive than Bitcoin on a relative basis, but it remains a core real asset for the coming regime shift.

Bitcoin will transform from a risk asset into a digital real asset as global trust in sovereign bonds erodes and central banks engage in stealth QE. Bitcoin's scarcity (stock-to-flow ratio 124 vs gold's 60), smaller market cap (1/15 of gold), and upcoming legal catalysts (Clarity Act, ARMA Act) will drive massive demand over the next two years, positioning it as a premier safe-haven asset.