Bitcoin Surges on US Treasury's Bond Buyback Move
The US Treasury's decision to double long-dated bond buybacks has sent Bitcoin soaring by over 23% this week, pushing its price towards $79,000. This move is seen as a form of 'not-QE', quantitative easing without technically being QE.
Crypto markets are taking note, with Standard Chartered analyst Geoff Kendrick predicting that Bitcoin could reach $100,000 by year-end if the Treasury continues to support liquidity in this way. Kendrick says Bitcoin benefits from government interventions and its fixed supply resists monetary debasement.
Metaplanet is expanding its Bitcoin treasury strategy into the US through a deal with Nasdaq-listed Super League Enterprise, while Cypherpunk Technologies has launched a Zcash mining fleet controlling 18% of the network's hashrate. The Treasury's move could be seen as a positive sign for risk assets like Bitcoin and other digital currencies.