Saxo Bank says Bitcoin is being revalued as a scarce non-sovereign asset

Saxo Bank said in a report yesterday that Bitcoin could emerge as a hedge against currency debasement, supported by a strong mix of technical momentum, regulatory progress and macro tailwinds. Neil Wilson, an analyst at the Danish investment bank, said Bitcoin’s recent breakout from a prolonged trading range and sharp surge came as instability in the U.S. Treasury market, ballooning government debt and ongoing Treasury buybacks prompted a reassessment of Bitcoin alongside gold as a "Scarce non-sovereign asset." Wilson also said a push in the U.S. Congress to pass the CLARITY bill, which would provide legal clarity for virtual assets, and supportive remarks from President Donald Trump have eased regulatory uncertainty and boosted expectations for institutional adoption. On the technical side, Wilson said Bitcoin had been stuck in a $62,000-$66,000 range before breaking decisively above $70,000, triggering buying and a short squeeze that added strong upward momentum across the broader market.