Bitcoin Soars Past $80,000 Amid Bond Repurchase Plans

Bitcoin surged past $80,000 on Tuesday, gaining 4% in value and rising over 25% in just one week.

The rally is attributed to Treasury Secretary Scott Bessent's plan to step up bond repurchases, reviving talk of the debasement trade.

Bessent confirmed that the department will continue its regular programme of sales, with no changes before the next quarterly refunding announcement in November.

According to Morgan Stanley, the Treasury has between $80 billion and $200 billion of spare cash it could put toward larger buybacks.