Arthur Hayes: The new popular narrative of TradFi is "depreciation trading" and they don't care about the "four-year cycle" of crypto

TradFi's new buzzword is the "debasement trade." It took them almost two decades to catch on. Don't think they've forgotten about it just because Bitcoin's "four-year cycle" is happening. Now it's the bankers' turn to sell clients on gold, cryptocurrencies, and tech stock derivatives. A "debasement trade" involves investors allocating their portfolios to protect wealth or generate returns in a currency devaluation environment. It typically involves investing in asset classes that perform better during periods of inflation or currency devaluation.