Brooks, a prominent macro voice, posted on X that Bitcoin "isn't part of the debasement trade," noting gold's 10% gain in the past ten days while Bitcoin did not follow. He traces the debasement trade to last year's Jackson Hole meeting, where Federal Reserve Chair Jerome Powell signaled an easing cycle. However, Bitwise's Jeff Park countered, arguing Bitcoin rallies on both types of yield curve steepeners, capturing upside from both currency debasement and dollar dedollarization.