Debasement hedges revisited | mid-q1 2026

BTC has fallen further, struggling to find a bottom. Prices seem to be stabilizing below $70k per BTC. Testing conviction, people that have owned it for a long time sit back comfortably on unrealized gains and wait for the market to get interested in it again. Is it attractive again for those that don’t own it?

Gold sold off over 10% from all-time highs reached in late January. Silver sold off much stronger, down over 30% now from its highs. All metals corrected together, but particularly the precious metals. Again, your degree of panic over these large price corrections probably depends on how long you have been paying attention to such trades. If you have owned them for a few years, it is much easier to relax and hold on.

Debasement positions are critical to the GenSphere Private Wealth portfolio structure. As we build new client portfolios, we are adding these positions currently. Not all at once, we are dollar-cost-averaging our way toward target position size. We may not perfectly catch the bottom, but trades we had conviction in a month ago are cheaper today and our conviction has not faded. We are confident these will look like great entry points when we look back 3-5 years from now.

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