Bitcoin Rises as Investor Confidence in Treasuries Wanes Amid Market Volatility
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Bitcoin emerging as a safe haven asset as confidence in US Treasuries falters, per Mohamed El-Erian of Allianz.
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Investors historically treated US Treasury bonds as safe havens, but yields have risen amid Israel-Hamas conflict.
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Bitcoin has gained 23% since start of Middle East tensions on Oct. 7, while 10-year Treasury yield rose 10+ basis points.
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Treasury volatility higher in 2022 on concerns about auctions, economy, debt and Fed policy path.
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Fed has hiked rates sharply in 2022 and intends to keep them high to fight inflation.