Bitwise Asset Management has launched a new exchange-traded fund (ETF) designed to hedge against currency debasement, underscoring how digital assets are increasingly being incorporated into broader macro investment strategies following the success of spot Bitcoin ETFs.
On Thursday, Bitwise unveiled the Bitwise Proficio Currency Debasement ETF, which trades on the NYSE under the ticker BPRO. The actively managed fund seeks to address the declining purchasing power of fiat currencies through a portfolio that includes Bitcoin (BTC), precious metals and mining equities.
Unlike spot Bitcoin ETFs, BPRO allows for discretionary allocation across crypto and commodity-linked assets. The structure appears aimed at wealth managers seeking Bitcoin exposure without committing to a single-asset crypto product, particularly amid persistent inflation concerns.
The fund maintains a minimum allocation of 25% in gold at all times and carries an expense ratio of 0.96%.
Rather than emphasizing upside potential, the fund is positioned around capital preservation, a framing that reflects how crypto narratives are evolving in institutional markets.
Bob Haber, chief investment officer at Proficio Capital Partners, said that despite its long-term performance, “gold remains a ghost in the modern portfolio,” citing research from Goldman Sachs showing that gold ETFs account for only a fraction of 1% of private financial holdings.
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Debasement captures crypto’s imagination and investment style
Fiat currency debasement, the gradual erosion of purchasing power over time, has long been a foundational concern within the Bitcoin community.
Bitcoin has frequently been promoted as a long-term hedge against debasement, given its fixed supply and strong performance since inception. However, despite those attributes, Bitcoin has recently underperformed gold, raising questions about its effectiveness as a hedge against debasement in the current macro environment.
In a recent analysis, investment specialist Karel Mercx of Dutch advisory company Beleggers Belangen argued that Bitcoin has failed to deliver as a reliable hedge against currency debasement.
According to Mercx, the most striking signal came when Bitcoin underperformed even as US President Donald Trump publicly undermined the Federal Reserve’s independence.
Political pressure on a central bank can raise concerns about monetary credibility and longer-term inflation risks, which are conditions that have historically benefited assets seen as stores of value. While gold responded to those signals, Bitcoin did not, weakening its case as a near-term hedge against currency debasement.
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