The U.S. debt keeps climbing and now the interest bill is surging too. Debt has grown by $1.5T per year on average for two decades. But today, the average interest rate on that debt is at its highest since the 2008 crisis. That’s why capital is flowing into hard assets, especially Bitcoin and gold.

More borrowing. Higher rates. No plan to reverse course. This is how you debase a currency over time. Follow @ecoinometrics for more data-driven insights on Bitcoin and macro.