Treasury Yields at 8%? This CEO Sees a Big Bitcoin ETF Opportunity - iShares Bitcoin Trust (NASDAQ:IBIT)

Canary Capital CEO Steven McClurg sees an opportunity in Bitcoin (CRYPTO:BTC) and other alternative assets even as he warns that 10-year U.S. Treasury yields could reach 8% within four years. His argument: rising borrowing costs could pressure debt-dependent companies and long-duration bonds, encouraging investors to seek alternatives — including cryptocurrency.

"The alternatives are TIPS, well-capitalized companies, commodities, and crypto (which do not issue debt)," McClurg said in an interview with Benzinga.

In his investment thesis, McClurg argues that persistent government borrowing, defense spending and the capital-intensive AI build-out could sustain upward pressure on long-term yields.

Why McClurg Is Watching Bitcoin

Higher interest rates can weigh on companies that rely on borrowing to fund operations and expansion. Meanwhile, rising yields can hurt existing bond prices, particularly those of longer-duration securities.

McClurg believes investors could look beyond these traditional investments toward assets that do not carry the same debt obligations.

His Bitcoin thesis also rests on global liquidity rather than a simple comparison with equities.

"Bitcoin has time periods correlated to equities, but most time periods are not. The greater correlation is to Global M2 money supply, which is currently growing at a 7% clip, and could grow more if central banks have to print their way out of debt," he said.