Treasury Buybacks and Trump's Crypto Push Send Bitcoin Soaring

The value of Bitcoin and gold surged this week due to a combination of factors, including the US Treasury's announcement of increased buybacks of long-term Treasuries and President Donald Trump's call for swift crypto legislation.

On Wednesday, the Treasury Department revealed plans to significantly increase its purchase of long-term government debt, which led to a sell-off in the dollar and a subsequent jump in gold and Bitcoin prices.

Trump, who made approximately $1.2 billion last year from his crypto holdings, held a cryptocurrency conference at the White House where he urged Congress to pass the Clarity Act, stating it would 'keep us ahead of China, keep us ahead of everyone else.'

The combination of these events led to a surge in Bitcoin's price, which rose above $77,000 on Friday, while gold reached $4,661. This marks a significant increase from their respective lows in June, when Bitcoin dropped below $60,000 and gold fell to around $4,000.