How the AI trade forecasts the debasement trade

Just as sceptics began to claim that gold’s 60% surge this year signals a late-stage rally that has no place for Bitcoin, Matt Hougan, Bitwise’s chief investment officer, has come out batting for the debasement trade. Hougan’s core argument: structural trades don’t end in months, they play out over years. His evidence? The artificial intelligence trade. “ChatGPT came out in 2022 and people started buying up Nvidia and AI, and then just a short while later people were saying it was too hyped and it wasn’ ...