Marine Minerals: Types, Exploration, Development, Projects, Reserves, Mining Logistics, and Environmental Concerns

   

     The Bureau of Ocean Energy Management (BOEM), part of the U.S. Department of the Interior, assesses and manages marine minerals offshore the U.S. The U.S. Geological Survey and other marine minerals initiatives and research groups assess global marine mineral resources. The U.S. National Oceanic and Atmospheric Administration’s (NOAA) Ocean Exploration program has mapped 3.5 million square kilometers of seafloor and has collected thousands of samples from the seafloor. Marine minerals are often referred to as seabed minerals or offshore critical minerals.

 

Types of Marine Minerals and Where They Are Found

     Deep-sea marine minerals are of three basic types:

1)        Seabed massive sulfides (SMS), also called polymetallic sulfides – these contain copper, iron, zinc, silver, and gold. These deposits are found at or near tectonic plate boundaries, including along the mid-ocean ridges and active volcanic arcs. They are also associated with hydrothermal vents, known as “black smokers.” They are found in the deep ocean under 2000 to 3000 meters of water. These ores will have some waste and tailings.

2)        Cobalt-rich crusts, also called ferromanganese crusts, or just crusts, are formed as minerals precipitate from seawater. These deposits contain iron, manganese, nickel, cobalt, copper, and rare earth elements. They form as coatings on bare rock, typically on topographic highs on the seafloor. They appear on the tops and sides of seamounts (mountains under the sea), usually in water depths of 1500-2500 meters. Crusts have very little waste and tailings.

3)        Polymetallic nodules, also called manganese nodules or just nodules, are found on the seafloor's abyssal plains. Their occurrence is more widespread. They contain manganese, iron, copper, nickel, cobalt, lead, and zinc, and lesser concentrations of molybdenum, lithium, titanium, niobium, and other minerals. They are typically found in water depths of 3500-6500 meters. They occur in distal parts of the ocean where there is no terrigenous sediment being deposited. They vary in size from micro-nodules to about 20 cm, the common size being two to eight centimeters. Nodules have very little waste and tailings.

     The BOEM’s Marine Minerals Program (MMP) leases sand, gravel, and/or shell resources from federal waters within the outer continental shelf. Some of these are other types of marine resources that occur nearer to shore than the marine minerals listed above. Dredged sand and gravel are used for beach replenishment and to address coastal erosion.  

 

     Global marine mineral occurrences are shown below.

Types of Nearshore Marine Mineral Resources

1)        Heavy mineral sands. These include sedimentary placer deposits of heavy minerals that occur within sand, silt, and clay, such as ilmenite, magnetite, rutile, monazite, and zircon. They typically occur in waters less than 200 meters deep.

2)        Phosphorites. These are derived from calcium-phosphate-rich rock composed of invertebrate shells, vertebrate bones, and at upwellings near continental shelves and margins. They include deposits of carbonate-fluorapatite and rare earth minerals. 

 

The Immature but Growing Marine Minerals Market

     In 2025, about twelve publicly traded companies are working in marine minerals, and the estimated global market value was about $18 billion.

     A market forecast suggests the market size will increase to $36.7 billion by 2036.

Marine Minerals Equipment and Infrastructure

     Company GSR has built a nodule-collecting vehicle called Patania II. The vehicle is on tracks like a bulldozer. It can operate 4500 m below the sea surface and has robotic technology and monitoring systems. It communicates directly with the surface via a 5km cable known as the umbilical. According to GSR:

“Patania II is equipped with four vacuum cleaner style collectors that use a jet water pump system to raise the nodules slightly off the seabed before sucking them into the collector tank. Here they are cleaned to separate them from sediment, which is returned to the seafloor. In the future, nodules will be brought up a riser pipe to the surface vessel where they will be transferred to another vessel and transported to land for processing.”

     Marine minerals collection for assessments and resource estimates involves the use of autonomous underwater vehicles (AUVs).

     In April 2026, American Ocean Minerals deployed its deep-sea mining research vessel the Anuanua Moana. It is focusing on U.S. regulated waters.

     There are operational challenges, including high costs, gaps in mapping, environmental mitigation, and the usual maritime logistics.

Marine Minerals Education, Training, Professional Societies, and Conferences

     The International Seabed Authority (ISA) has teamed up with China to develop a joint training center. The goal is to strengthen international scientific collaboration in support of the ISA Marine Scientific Research Action Plan and the United Nations Decade of Ocean Science for Sustainable Development. The U.S. is not a member of the ISA since it has not ratified the UN Convention on the Law of the Sea (UNCLOS), under which the ISA sits. Thus, the U.S. is not an ISA member and is not bound by its processes.

     The International Marine Minerals Society (IMMS) holds an annual meeting known as the Underwater Minerals Conference (UMC).

     Company Deep Sea Minerals Corp. participated in the 2026 Offshore Technology Conference, which is mostly a conference for offshore oil & gas exploration. They acknowledge that as marine mineral exploration proceeds, they will require the services of the offshore service industry. The U.S. Department of the Interior also participated in the conference, rolling out their plans for marine minerals lease sales on the exhibit floor.

 

Mapping, Resource Assessment Projects, and Licensing/Permitting

     Marine minerals continue to be mapped, and resource estimates continue to be refined. The USGS and NOAA have an ongoing American Samoa Abyssal Mapping project. As of mid-2026:

“Leg one preceded this effort and collected ship-based acoustic data. Leg two collected autonomous underwater vehicle (AUV) data and began before, continued contemporaneously, and finished subsequently to leg three.”

     They also continue to map around the world.

     There are companies working on getting licenses and permits to explore.

“In March 2025, Canadian mining company The Metals Company announced that, through a U.S. subsidiary (The Metals Company USA LLC), it had begun the process of applying for licenses and permits under the U.S. National Oceanic and Atmospheric Administration's mining code, known as the Deep Seabed Hard Mineral Resources Act of 1980.”

     Since the U.S. is not an ISA member, it can circumvent the ISA permitting process and likely fast-track some mining developments.

     Some countries have supported moratoriums on marine mineral mining pending further environmental investigations. In the past, Germany, Canada, France, and other EU countries have supported moratoriums. Portugal passed a law banning the practice in its waters for 25 years.

     Company Odyssey Marine Exploration Inc. announced in November 2025 that it had submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to the U.S. Department of the Interior’s (DOI) Bureau of Ocean Energy Management (BOEM). According to Seeking Alpha:

“The proposed lease area, located within the U.S. outer continental shelf (OCS) off the Mid-Atlantic coast, is highly prospective for heavy mineral sands rich in titanium, zirconium, rare earth elements (REEs), and phosphate.”

     The Metals Co (TMC) reported in May that its federal approval process was going well.

“U.S. regulators have found its consolidated application for deep seabed mineral exploration and commercial recovery to be fully compliant with federal requirements, marking a key step toward potential approval.”

“The company said it expects the regulatory process, including environmental review, to conclude by the end of first-quarter 2027.”

     As noted, American Ocean Minerals deployed its ship, the Anuanua Moana. According to Canadian Mining Journal:

“American Ocean Minerals is building a portfolio across the Cook Islands’ exclusive economic zone and US-regulated international waters, including the Clarion-Clipperton Zone and the Penrhyn Basin, with interests in two licensed exploration projects in the Pacific.”

     The U.S. has negotiated agreements for its offshore mineral acreage.

 

Environmental Considerations

     Oceans can be environmentally sensitive as many kinds of ecosystems and biological communities are present. Potential environmental impacts include species losses, disruption to ecosystems, and release of contaminants into ocean waters. The generation of sediment plumes and ocean noise are also potential impacts. According to the World Economic Forum:

“Sediments from mineral extraction and processing could clog and harm organisms’ respiratory, olfactory and feeding organs and tissues, and affect their behaviour, reproduction and survival. Suspended sediments made from mineralized seabed materials could release dissolved metals into ocean waters. Noise from extractive machinery could place physiological stress on biota, disrupt their behaviour and lead to effects such as geographic migration and changes in community composition.”

     They also emphasize that assessment of the potential environmental impacts of marine minerals mining is ongoing.

“The potential environmental effects of deep sea mineral exploitation are some of the most important considerations within a decision-making system for mineral stewardship. They are also the focus of a significant amount of current research. To assess the pace at which humankind’s knowledge of the environmental aspects of deepsea mineral exploitation will grow, the Ocean Science Expert Panel was consulted on the time required for scientific consensus to be reached in key knowledge areas.”

“Significant knowledge, participation and consensus gaps impede sound decision-making for deep-sea mineral stewardship – their closure should be accelerated.”

     Companies are in the process of collecting ecological baseline data in order to inform future operations. American Ocean Mineral Company (AOMC) is one company doing just that. According to Canadian Mining Journal:

“AOMC said environmental monitoring remains a key component of the company’s approach and said it has spent more than three years collecting baseline ecological data to support future mining license applications, including environmental impact assessments and feasibility studies.” 

 

References:

 

Types of Marine Minerals. GCE Ocean Technology. Types of Marine Minerals | GCE Ocean Technology

Marine Minerals: Overseeing the Responsible Use and Development of Marine Minerals on the OCS. Preserving and Restoring the Nation’s Coast. U.S. Dept. of Interior. Bureau of Ocean Energy Management. Marine Minerals | Bureau of Ocean Energy Management

Types of Relevant Marine Mineral Deposits. U.S. Dept. of Interior. Bureau of Ocean Energy Management. Types of Relevant Marine Mineral Deposits | Bureau of Ocean Energy Management

Publicly Traded Deep Sea Mining Companies: 2025 Guide. Farmonaut. Publicly Traded Deep Sea Mining Companies: A Comprehensive Guide

Marine Mineral Market: Global Industry Analysis and Opportunity Assessment, 2036 (Report Description/Abstract/Sample). Marine Mineral Market Size, Share & Forecast to 2036 | FMI

The Global Landscape of Mineral Resources: Abundance, Utilization, and Future Prospect. Andrew Smith. Medium. September 20, 2024. The Global Landscape of Mineral Resources: Abundance, Utilization, and Future Prospect. | by Andrew Smith | Medium

Harnessing Ocean Minerals: Exploring the deep to source the metals we need for the future we want. Global Sea Mineral Resources (GSR). (Website). Home - GSR

Introduction to Marine Mineral Resources. What are Marine Mineral Resources? GEOMAR Research. Introduction

Global Seabed Mineral Resources. U.S. Geological Survey. (Dashboard). Global Seabed Mineral Resources | U.S. Geological Survey

International Marine Minerals Society (IMMS). (Website). HOME | Intl Marine Minerals

Marine Mining. Donald W. Lovejoy. EBSCO. 2024. Marine Mining | Mining and Mineral Resources | Research Starters | EBSCO Research

NOAA Ocean Exploration: Advancing Understanding of Marine Critical Minerals. National Oceanic and Atmospheric Administration (NOAA). Office of Ocean Exploration and Research. NOAA Ocean Exploration: Advancing Understanding of Marine Critical Minerals - NOAA Ocean Exploration

Ocean Mining Intel. (Website). Latest - Ocean Mining Intel

USGS Publishes Samoa Basin Expedition Report Detailing Deep-Sea Mineral and Sediment Box Coring Results. Lauren Ernst. Science. 18 June 2026. USGS Publishes Samoa Basin Expedition Report Detailing Deep-Sea Mineral And Sediment Box Coring Results - Ocean Mining Intel

Deep-sea mining: What you need to know. World Economic Forum. September 12, 2025. What are the pros and cons of deep-sea mining? | World Economic Forum

Decision-Making on Deep-Sea Mineral Stewardship: A Supply Chain Perspective. WHITE PAPER. APRIL 2022. WEF_Decision_Making_on_Deep_Sea_Mineral_Stewardship_2022.pdf

What We Know About Deep-Sea Mining — and What We Don’t: Some countries and companies hope to mine the ocean's floor for valuable critical minerals. But this may pose serious risks for marine life and the planet. Oliver Ashford, Jonathan Baines, Melissa Barbanell and Ke Wang. World Resources Institute. July 23, 2025. What We Know About Deep-Sea Mining and What We Don’t | World Resources Institute

Odyssey Marine Exploration Files U.S. Offshore Critical Minerals Lease Sale Request to Advance America’s Resource Security. (Great Lakes Dredge & Dock Corporation (GLDD), OMEX). Seeking Alpha. November 7, 2025. Odyssey Marine Exploration Files U.S. Offshore Critical Minerals Lease Sale Request to Advance America’s Resource Security (2025-11-07) | Seeking Alpha

Deep Sea Minerals Corp. Participates in the 2026 OTC Conference in Houston, Texas. Press Release. Globe Newswire. Business Insider. May 11, 2026. DEEP SEA MINERALS CORP. PARTICIPATES IN THE 2026 OTC CONFERENCE IN HOUSTON, TEXAS | Markets Insider

TMC Seabed Mining Application Meets US Federal Requirements. Marine Link. May 1, 2026. TMC Seabed Mining Application Meets US Federal

American Ocean Minerals deploys deep-sea mining research vessel. The company is building a portfolio across the Cook Islands’ exclusive economic zone and US-regulated international waters, including the Clarion-Clipperton Zone and the Penrhyn Basin. Staff Writer, Canadian Mining Journal.  April 30, 2026. American Ocean Minerals deploys deep-sea mining research vessel  - Canadian Mining Journal

Odyssey Marine Exploration. (Website). Odyssey Marine Exploration

 

 

Western Australia’s Mount Ridley Mines’ Grass Patch Prospect Holds World’s Largest Publicly Reported Scandium Resource: Gallium and Heavy Rare Earths Add to the Resource: Its Selectro Processing Tech is Key

     Western Australian mining company Mount Ridley Mines recently re-assayed its drilling results across its Grass Patch Prospect acreage. According to Penny Taylor of the West Australian:

“Rather than launch an expensive drilling blitz, the company effectively mined its existing data. Phase one of its 2026 re-assay program sent 3271 stored pulp samples from historical aircore and diamond drilling back to the laboratory, revealing broad, near-surface scandium beyond previous resource boundaries.”

“With those assays folded into the update, Block 1 now stands at 367.45Mt at 50.3ppm scandium for 18,475t of metal. Further north along the same geological corridor, the larger Block 2 contributes 578.63Mt at 49.9ppm for 28,882t.”

“Together, the separately modelled areas cover about 44.5 square kilometres and make up the 946Mt resource.”

     That total makes it the world’s largest publicly reported scandium resource. There's more:

“…the two areas also host 122.5Mt of heavy rare earths resources and 536.2Mt of gallium resources. The wider project’s gallium inventory stands at 838.7Mt.”

     The company hopes to cut capital and operating costs by simplifying material handling and implementing shared processing for the different mineral ores. All three minerals- scandium, gallium, and the rare earth elements have the potential to decrease reliance on China for them.

     The company is currently re-assaying across Grass Patch to chase extensions.

“Density testing is underway to support potential upgrades into higher-confidence resource categories.”

“Flotation test work will assess whether valuable minerals can be concentrated before leaching, after TIMA analysis identified rare earth-bearing phosphate minerals that could respond well to flotation. Engineering firms are also discussing a scoping study to help design and cost a demonstration plant to test the process at a larger scale.”

     They are testing recovery rates with processing with its minerals processing method known as Selectro and evaluating the economics of commercialization. They may also license Selectro technology to third parties.

     The Grass Patch prospect is 25km northeast of Esperance, with a nearby deep-water port, road, and power infrastructure providing an advantage over more remote critical minerals projects.

     Scandium is used in lightweight aluminum alloys for aerospace and defense, as well as in solid oxide fuel cells. It is a critical mineral in high demand, and new supplies from a friendly country would be very welcome in the U.S.

“Testing of a composite compiled from historical Grass Patch drill samples achieved 77-83% recovery of heavy rare earths and 70-77% recovery of light rare earths while managing to recover a robust 56% of the gallium, which compares with hydrochloric (HCL) acid leaching failing to recover any gallium.”

“The process also achieved scandium recovery of 80%, which is significantly higher than results from a baseline hydrochloric acid test and a significant result given the Grass Patch Complex is one of the largest resources globally.”

     The excellent test results of the processing method and the fact that it can process all three sets of ores simultaneously is a big boon for the project.

     Selectro is Mount Ridley Mines’ proprietary hydrometallurgical leaching technology developed to recover multiple critical minerals through a single process. It was developed to achieve high metal recoveries using lower-cost reagents, while incorporating reagent recycling through a closed-loop processing system. As all three graphs below show, the testing indicates much higher mineral recovery rates than with hydrochloric acid (HCl) leaching for all four mineral streams (scandium, gallium, heavy REEs, and light REEs).

References:

 

Mount Ridley grabs global scandium crown with 946Mt WA resource. Penny Taylor. The West Australian. 26 August 2026. Mount Ridley grabs global scandium crown with 946Mt WA resource | The West Australian

Mount Ridley Project. Mount Ridley Mines. Website. Mount Ridley Project - Mount Ridley

Mount Ridley’s proprietary Selectro process more than doubles REE recoveries. The Australian. August 12, 2026. MRD doubles Grass Patch recoveries with proprietary tech | The Australian

 

Debasement Trade: What is it? The Narrative, the Risks, and Its Relation to Budget Deficits and Commodities

     Treasury Secretary Scott Bessent’s recent move on U.S. Treasury bonds got me thinking about this. According to the Tax Project Team in an October 2025 post:

“The “Debasement Trade” is a prominent investment strategy in current finance, defined by the systematic movement of capital out of assets denominated by sovereign promises, such as fiat currencies and traditional fixed-income securities, and into assets characterized by verifiable, finite supply, often referred to as “hard assets.” This strategy is fundamentally a defensive measure, designed to preserve the real value of wealth against the risk of the currency’s diminishing purchasing power, which results from accelerating national debt and large/rapid monetary expansion. The shift reflects a growing, fundamental loss of confidence in the long-term fiscal solvency of major economies, especially the United States, whose currency serves as the global reserve.”

     That last sentence is a bit unsettling. Is our huge national debt weakening our economy? I really don’t know, as it is not my area of expertise.

     The article notes that currency debasement has been used as a sovereign tool at least since the Roman Empire, when they reduced the amount of silver in silver coins, allowing them to produce more currency with the same amount of silver.

     In 1971, then-President Nixon stopped allowing the conversion of U.S. dollars directly into gold. This changed things.

“The erosion of a currency’s value is now primarily a function of excessive issuance relative to underlying economic productivity.”

     Below is a graph of U.S. money supply, which continues to grow as the economy does. Population is not growing as fast. Inflation continues to grow as it always does, but currently and in recent years, at a rate higher than most of us would like.

     The article notes that the U.S. national debt, currently at $40 trillion, leaves us with three choices to deal with it: cut spending, increase taxes, or devalue currency. The Trump administration has clearly preferred the latter. In general, nobody likes the other two choices. Currency depreciation and reserve diversification (relying more on other currencies besides the dollar) are results of the predicament.

     Quantitative Easing (QE) happened during the 2008 financial crisis and more during COVID.

“{It} involves the central bank (the Federal Reserve) creating new electronic money to purchase vast amounts of government and mortgage bonds. This injects large amounts of money (hyper-liquidity) into the financial system.

     Inflation manifests as currency debasement since it erodes the purchasing power of the dollar. It is often seen effectively as a tax on everyone.

     Some, including the Trump administration, believe that the dollar as the world’s reserve currency is subject to being overvalued and that:

“…managing a controlled depreciation of the dollar is a necessary measure to correct global trade imbalances and support domestic manufacturing.”

     “Hard assets” like gold, silver, and bitcoin are a hedge against debasement effects such as inflation, as are other investments like real estate.

     The article closes with the following summary:

“The Debasement Trade is more than a momentary market tactic; it is a structural investment shift reflecting deep seated concerns over fiscal integrity of the world’s leading economies. Driven by high and persistent debt accumulation, coupled with the unconstrained power of central banks to expand the money supply through QE, the trade represents a fundamental shift in investor trust, from faith in government promises to reliance on the verifiable scarcity of hard assets. As long as the structural imbalance between monetary creation and productive capacity persists, the strategic movement toward assets like gold and Bitcoin will continue to be a defining feature of the global financial landscape.”

     An April 2026 Charles Schwab article notes that debasement trade has been growing in popularity as a financial strategy. The article notes:

“…modern currency debasement is driven primarily by excessive government debts, unconstrained "money printing," and a loss of confidence in fiat currencies as well as the institutions that back them. Some investors fear this modern form of currency debasement will lead to inflation and a steady loss of purchasing power, as it has historically. Others argue it may exacerbate wealth inequality.”

     The article suggests that the current debasement trade may result in different outcomes than the inflation it has historically resulted in. The example given is that if low or even negative interest rates are artificially induced, then financial assets could rise faster than wages or savings. Others argue that new technologies like AI can tame inflation to the point where it also leads to more wealth inequality. Well, I could agree with that as long as those on the bottom are not going further down and hopefully up. Others believe that debasing the dollar can lead to seeking out other currencies (de-dollarization), but realistically the dollar is still king. As can be seen below, the dollar has declined, but no other currency comes near it. The prevalence of the dollar also gives the U.S. economic system advantages over other economies, such as the ability to borrow money at lower rates.

     According to Collin Martin, head of fixed income research and strategy at the Schwab Center for Financial Research (SCFR):

"For better or for worse, we have a ton of debt, and that means we have plenty of bonds for investors to buy if they want safe and liquid assets. Our path of fiscal policy seems unsustainable, but it hasn't mattered yet—yet being the key word. At some point, our fiscal situation could scare away potential buyers, but that day is not today."

     The independence of the Federal Reserve has been questioned in light of Trump’s remarks about possibly artificially (without indicators pointing to a need) lowering interest rates. Others, including Janet Yellen, suggested that could lead to sharp inflation. It does not seem likely to happen with Kevin Warsh heading the Fed since he has long been an advocate of raising interest rates to counter inflation.

     The article also points out that the current interest in debasement is largely narrative-driven. Potential effects of debasement on bond markets are explored:

“Bond markets could also provide a reality check of sorts. The debasement trade is supported by the belief that high government debt levels will force central banks to keep real yields low, since governments need low rates and inflation (according to some) to reduce their debt burdens. If "bond vigilantes" aggressively sell government bonds and force yields higher in a form of market-based protest against unsustainable fiscal and monetary policies, it could lead real yields to rise. This could potentially strengthen the dollar, challenging the debasement narrative.”

     It can be a bit hard to lose sight of the fact that investment is basically betting on markets. In a way, so too is currency manipulation. One would be betting on a certain result, but other results are possible as well. One obvious risk is that those hard currencies and stores like bitcoin lose value (bitcoin is notoriously volatile). Another is that economic growth strengthens the dollar. AI may be poised to increase demand and economic growth. That might help the deficit and reduce inflation, but it still strengthens the dollar. The article finishes with the following summary and warning:

“The debasement trade has become increasingly popular in recent years, primarily due to fears that massive government debts and inflationary monetary policies will erode the purchasing power of fiat currencies. Investors have sought to hedge against currency devaluation by investing in hard or uncorrelated assets like gold, bitcoin, or real estate. However, it's important to remember that narratives can quickly shift, and even when they don't, crowded trades can be fragile and volatile.”

     According to an article in Benzinga, commodity expert Jeffrey Currie says markets are entering a debasement trade driven by the collision between physical scarcity and financial intervention.

“Scarcity in the physical world. Repression in the financial one. Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement."

     After Treasury yields briefly reached their highest since 2007, Bessent said the Treasury would at least double its long-term bond buybacks to $4 billion next quarter. The article says Bessent is introducing demand into an oversupplied bond market.

“When commodity prices rise, investors demand higher yields to compensate for the risk of losing purchasing power.”

“Higher borrowing costs then weaken demand, helping cool the economy and eventually commodity prices.”

     Currie, an expert on oil markets, notes that it is the large diesel crack spread, the difference between crude oil prices and diesel prices, that is the real concern. Crude oil is sold to refineries, but diesel and gasoline are sold to consumers. They matter a lot for increasing inflation. He points out that crude prices have not changed much, but the high cost of diesel and gasoline has risen. Refiners and those who invest in them are making a killing currently.

“That would create an unusual inflation signal: scarcity appearing downstream even before crude itself begins to rally.”

“And if refining capacity eventually recovers, Currie sees another risk.”

“Refiners would return to the market to buy crude, potentially shifting the shortage upstream and pushing crude prices higher.”

“In either case, the economy could face a similar problem: higher energy costs.”

     What is Currie’s bet?

“It is a bet that scarcity is becoming structural while financial intervention is making the normal market response less powerful.”

“If he is right, investors may have to stop thinking of commodities as a cyclical trade and start viewing them as protection against a widening gap between physical prices and financial repression.”

     His advice is “Get long and buckle up.”

     Bessent’s moves led to Bitcoin gaining 23% in a week as stocks fell. His boss is big into Bitcoin, so that is good for them. This has somewhat validated investors calling Bitcoin “digital gold.” However, year-by-year, Bitcoin still behaves more like stocks than gold.

  

References:

 

Understanding the Debasement Trade: With the debasement trade's popularity growing, it's critical for investors to understand how it works, which assets it typically involves, and the key risks involved. Charles Schwab. April 15, 2026. Understanding the Debasement Trade | Charles Schwab

The 'debasement' trade is here, and commodities are sending the warning. Piero Cingari. Benzinga. August 21, 2026. The 'debasement' trade is here, and commodities are sending the warning

Scott Bessent just kicked the bitcoin debasement trade into another gear: Chart of the day. Jared Blikre. Yahoo Finance. August 23, 2026. Scott Bessent just kicked the bitcoin debasement trade into another gear: Chart of the day

Debasement Trade Explained: What you should know. Tax Project. October 10, 2025. Debasement Trade Explained: What you should know - Tax Project Institute