Bitcoin Surges Past $71,000 on Treasury's 'Bessent Put' Signal

Bitcoin surged to over $71,000 on Thursday after macro investor Raoul Pal called the Treasury's move to defend long-end bond yields a historic turning point.

Pal argued that the Treasury's decision to double long-end bond buybacks within 24 hours of a major yield spike without waiting for the Fed to act is significant. He described it as the 'Bessent Put' and said the signal is enormous.

The move involves pulling old, hard-to-sell bonds off bank balance sheets and replacing them with short-term bills that the banking system can easily absorb. This swap reduces long-term yield volatility, which raises the value of every Treasury sitting as collateral in the financial system.