Bitcoin at Center of Debasement Conversation as Bond Vigilantes Return

Blue Macellari, a veteran investor at T. Rowe Price, believes Bitcoin has become central to discussions about debasement. With 20 years of experience in emerging market sovereign and distressed debt, Macellari's views on the Treasury market are worth considering.

She notes that the bond vigilantes have returned, which may impact the market for US debt. Historically, foreign buyers have financed a significant portion of US debt, but this dynamic is shifting as domestic financing becomes more prevalent.

In assessing whether GENIUS Act stablecoin demand for T-bills represents a material change or wishful thinking, Macellari's insights on debasement and its implications are crucial. She highlights that the Japan and Italy comparisons do not neatly translate to America's buyer base.