Neoclassic Capital co-founder Michael Bucella says Bitcoin (BTC) is climbing for reasons that have little to do with Washington, framing the rally instead as part of a broader move into gold, the Swiss franc, and Bitcoin as debasement hedges.
Speaking on CNBC’s Power Lunch, Bucella pointed to a US national debt that has climbed past $40 trillion, arguing investors increasingly treat scarce assets like gold and Bitcoin as insurance rather than bets tied to crypto legislation.
A Rally That Outlasted a Stalled Bill
The Digital Asset Market Clarity Act, a bill meant to settle whether tokens are regulated as securities or commodities, failed to advance in the Senate this month.
The bill cleared the House in 2025 but has since stalled amid disputes over enforcement authority. Bitcoin and Ether (ETH) ETFs briefly bled hundreds of millions of dollars in the aftermath.
Bucella said that reaction proved short-lived. He pointed to a single day of roughly $1 billion in Bitcoin ETF inflows shortly after, arguing participation returns quickly once sentiment turns, regardless of what Congress does.
He added that Bitcoin is also becoming easier to borrow against as new lending products emerge onshore, reducing the need for holders to sell.
The Swiss Trade
Bucella described a conversation with two friends in Switzerland who argued that with $40 trillion in debt piling up, holding scarce, non-dollar assets made more sense than waiting on legislation.
“The franc is strong, gold is strong, Bitcoin is strong.”
Michael Bucella, CNBC
The comparison echoes a wider shift among investors who increasingly frame Bitcoin as a debasement hedge, positioning it alongside gold and hard currencies rather than as a bet on US policy outcomes.
Still, Bucella cautioned that Bitcoin remains a risk asset overall, meaning broader macro conditions will continue to shape its price alongside the debasement narrative.
Bucella’s framing suggests some investors are pricing Bitcoin against currency debasement risk rather than legislative timelines, a distinction that could matter more the longer Congress delays a Clarity Act vote.
