Is this the end for Bitcoin?

Friday 30 January 2026

Nobody wants US dollars. But they want Bitcoin even less.

This is a pretty stark break from the narrative we’ve been sold about BTC being “digital gold” or some kind of alternative “reserve currency” that can’t be debased.

Indeed, markets are consumed by a global fiat debasement trade at the moment, yet BTC keeps falling.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.