The investment case for bitcoin (BTC) could be compelling as investors look to navigate some of the current uncertainties in the global macro landscape, Coinbase (COIN) said in a research report Thursday.

The structural factors affecting inflation are changing with the advent of new technologies such as generative artificial intelligence (AI), and this may herald a new era of loose monetary policy, the report said.

Coinbase notes that government spending in the U.S. has increased, keeping economic growth stable but increasing the cost of servicing the country’s debt over the next few years.

“We believe the combined effect of expansionary fiscal and monetary policies should support bitcoin long term as a hedge against fiat debasement and profligate spending,” wrote David Duong, head of institutional research.

Artificial intelligence is expected to have a major impact on the global economy. AI and the accompanying technology will be transformational across industries and will be one of the most important secular investment themes over the next 10 years, said Wall Street giant Morgan Stanley (MS) in a report last week. Rival investment bank Goldman Sachs (GS) predicts that AI adoption will likely start to have a meaningful impact on the U.S. economy sometime between 2025 and 20230.

“Bitcoin is not only a technologically innovative instrument but a financially innovative one,” the note said, and what distinguishes BTC as a financially innovative instrument is that it is a “globally accessible, decentralized supranational asset with a fixed supply.”

Furthermore, cryptocurrency allocations can diversify fund managers’ exposure to unusual sources of risk in a traditional balanced portfolio, the note said.

“The secular case for bitcoin and crypto adoption remains intact,” the report added. A secular investment theme is a long-term trend that isn’t tied to market cycles.

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