Scott Bessent just kicked the bitcoin debasement trade into another gear: Chart of the Day

Bitcoin (BTC-USD) had its best week in more than three years as stocks fell. Scott Bessent helped light the match.

The cryptocurrency surged roughly 23% this week, blowing through a months-long trading range as gold (GC=F) jumped about 5% and the dollar (DX-Y.NYB) fell. The S&P 500 (^GSPC), meanwhile, lost ground.

That combination got especially interesting on Wednesday, when Treasury Secretary Scott Bessent cried uncle on the bond market and doubled the size of planned buybacks for some longer-dated Treasurys.

The 30-year yield (^TYX) promptly dropped 9 basis points as bitcoin jumped 7% and gold rallied 4%.

Then came the fun part.

By Friday, the 30-year yield had clawed back almost its entire Wednesday drop. Bitcoin had surged more than 10%, while gold tacked on another 2%.

Bessent knocked long-term yields lower. The bond market took almost all of it back. Bitcoin and gold didn't.

Coinage founder Zack Guzman said Friday on Yahoo Finance's Morning Brief that bitcoin has "established itself as a bit of a debasement trade."

"When you're talking about the government getting involved here to kind of control things, eventually that money flows to assets like Bitcoin," Guzman said.