Investors Turn to Franc, Gold and Bitcoin Amid US $40 Trillion Debt

Neoclassic Capital co‑founder Michael Bucella told CNBC’s Power Lunch that the recent rise in Bitcoin (BTC) is driven more by macro‑economic concerns than by U.S. regulatory developments. He highlighted the United States’ national debt, now above $40 trillion, as a key factor prompting investors to seek scarce assets as a hedge against potential currency debasement.

Regulatory backdrop

The Digital Asset Market Clarity Act, which aims to clarify whether tokens are securities or commodities, stalled in the Senate after passing the House in 2025. Although Bitcoin and Ether (ETH) ETFs saw short‑term outflows following the bill’s delay, Bucella noted a rapid rebound, citing roughly $1 billion of inflows into Bitcoin ETFs within a single day.

Emerging lending options

New on‑shore lending products are making it easier to borrow against Bitcoin, reducing pressure on holders to sell the asset during market turbulence.

Swiss perspective

Bucella recounted a conversation with two Swiss friends who argued that, given the mounting U.S. debt, holding non‑dollar stores of value such as the Swiss franc, gold and Bitcoin makes more sense than waiting for legislative outcomes.

Risk considerations

While positioning Bitcoin as a debasement hedge, Bucella cautioned that it remains a risk asset and that broader macro conditions will continue to influence its price.