U.S. credit downgrade puts spotlight on gold and Bitcoin: Kitco News editor-in-chief

Global credit rating agency Moody’s has downgraded the U.S.’s credit rating from AAA to AA1, citing the country’s ballooning national debt and unsustainable interest costs, U.Today reported. As of now, the U.S. national debt has reached $36.2 trillion, with a fiscal deficit of $1.05 trillion. The 10-year Treasury yield stands at 4.48%, and the interest burden is now significantly higher than that of peer nations, according to Reuters. In response to the downgrade, Michelle Makori, editor-in-chief at Kitco News, pointed out that the U.S. now shares its credit rating with countries like Austria and Finland. She added that this shift may benefit safe-haven assets such as Bitcoin and gold, commenting, “Hard assets don’t lie. Watch gold and Bitcoin.”