Bessent Sneezes, Bitcoin Catches $80,000
Bitcoin blew past $81,000 Tuesday, its highest since May, after Treasury Secretary Scott Bessent said the government will double its long-bond buybacks to $4 billion starting September. That move can push down yields but also stokes fears the dollar is being quietly debased, exactly the kind of anxiety that sends money running into bitcoin. Add Trump's crypto-friendly White House meeting with Coinbase, Kraken and Robinhood CEOs pushing the CLARITY Act, plus his own family's $1.4 billion crypto haul, and the rally looks less accidental than it seems.
Nothing says 'sound money' like the guy printing it also owning a meme coin.