Growing fiscal concerns in some of the world’s biggest economies are adding momentum to a so-called “debasement trade,” as investors flock to the perceived safety of Bitcoin, gold and silver while pulling away from major currencies.
The yen tumbled on Monday as pro-stimulus lawmaker Sanae Takaichi was set to become Japan’s next prime minister. The dollar, which has weakened about 30% against Bitcoin this year, remains under pressure as the US government shutdown drags on. The euro has its own problems with fresh political uncertainty brewing in France.
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