Bitcoin may be near $75,750, but CoinShares co-founder, president and CEO Jean-Marie Mognetti says markets are misreading the moment. That could have lasting implications for how investors build portfolios.
Read more: Equities Celebrate, Bonds Warn: Bitcoin Bets on the Interest-Rate Reality
In a recent commentary, Mognetti warned that bond markets are beginning to price a structural regime change, not just a temporary spike in yields. If he is right, the tools investors have relied on for decades may no longer work as intended.
The warning signs are in global bond markets, Mognetti wrote. U.K. 10-year yields sit at levels the market has not seen in nearly 20 years. Japanese long bonds are at 30-year highs. French 10-year yields have returned to where they were in the second quarter of 2009, but France’s private-sector debt-to-GDP has climbed from 171% to 215% over that same period.
To frame what is driving this, Mognetti drew on the work of financial strategist Russell Napier, who coined the term “Capital Nationalism.” It describes a world in which governments direct private credit, commercial banks fund sovereign deficits, and financial repression — meaning policies designed to keep real interest rates negative in order to quietly erode debt — becomes the norm for years to come.
The implications for standard portfolios are uncomfortable. Government bonds, historically the go-to hedge in a downturn, become the very instrument of repression in this scenario. Large-cap U.S. equities carry historically elevated valuations with limited cushion if a recession arrives alongside higher long-term yields, Mognetti wrote.
This is where bitcoin becomes relevant as a structural response, rather than a speculative one. Bitcoin is the only globally liquid, institutionally accessible monetary asset with a fixed supply schedule that no government can alter, according to Mognetti. U.K. 50-year inflation break-evens moved from 3.17% in January to 3.40% in May. That signals that inflation expectations are quietly drifting.
Mognetti wrote that allocators in 2026 face a regime their portfolios were never built to navigate. Bonds no longer diversify, and equities are priced for a recession that does not arrive. Vehicles like the CoinShares Bitcoin ETF (BRRR) exist precisely to close that gap.
The fund launched in January 2024 and holds $456.2 million in assets with a 0.25% expense ratio, according to ETF Database data. Capital Nationalism, Mognetti wrote, does not pause, regardless of how markets move in the short term.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
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