Bitwise Launches Currency Debasement ETF, Combining Bitcoin and Gold for Inflation Protection
Bitwise Asset Management has introduced a new exchange-traded fund (ETF) designed to mitigate the effects of currency debasement, highlighting the growing integration of digital assets into broader macro investment strategies. The success of spot Bitcoin ETFs has paved the way for this innovative approach, which seeks to address the declining purchasing power of fiat currencies.
The Bitwise Proficio Currency Debasement ETF, listed on the NYSE under the ticker BPRO, is an actively managed fund that combines Bitcoin (BTC), precious metals, and mining equities to provide a hedge against inflation. Unlike traditional spot Bitcoin ETFs, BPRO allows for discretionary allocation across crypto and commodity-linked assets, making it an attractive option for wealth managers seeking Bitcoin exposure without committing to a single-asset crypto product.
The fund maintains a minimum allocation of 25% in gold at all times and carries an expense ratio of 0.96%. This structure is aimed at capital preservation, reflecting the evolving narratives surrounding crypto in institutional markets. According to Bob Haber, chief investment officer at Proficio Capital Partners, “gold remains a ghost in the modern portfolio,” citing research from Goldman Sachs that shows gold ETFs account for only a fraction of 1% of private financial holdings.
Related: Bitwise files with US SEC for 11 single‑token ‘strategy’ crypto ETFs
Addressing Currency Debasement with a Multi-Asset Approach
Currency debasement, the gradual erosion of purchasing power over time, has long been a concern within the Bitcoin community. Bitcoin has been promoted as a long-term hedge against debasement due to its fixed supply and strong performance since inception. However, its recent underperformance compared to gold has raised questions about its effectiveness as a hedge against debasement in the current macro environment.
Investment specialist Karel Mercx of Dutch advisory company Beleggers Belangen has 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. The Bitwise Proficio Currency Debasement ETF aims to address this challenge by combining the potential benefits of Bitcoin with the traditional store of value provided by gold and other precious metals.
Related: Bitcoin mining’s 2026 reckoning: AI pivots, margin pressure and a fight to survive
Conclusion
The launch of the Bitwise Proficio Currency Debasement ETF highlights the growing recognition of digital assets as a key component of broader macro investment strategies. By combining Bitcoin, gold, and other assets, this ETF offers a unique approach to mitigating the effects of currency debasement and inflation. As the crypto market continues to evolve, it is likely that we will see more innovative products and strategies emerge, providing investors with new opportunities to manage risk and achieve their investment goals.
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