Treasury Secretary Aims to 'Put Fear of God' into Bond Market with $1 Trillion Intervention

Bitcoin's price has surged in recent days, lifting the combined crypto market by approximately $500 billion as 'panic' spreads through markets. The bitcoin price approached $80,000 for the first time since late May, driven partly by billionaire investor Stanley Druckenmiller naming bitcoin among his trade picks.

U.S. Treasury Secretary Scott Bessent could soon unleash a $1 trillion worth of firepower on the bond market, potentially sending the bitcoin price sharply higher. This move would be an attempt to bring soaring bond yields under control, with Bessent stating he'll 'do whatever it takes' to calm the markets.

However, not everyone is convinced that this intervention will have a positive effect. Druckenmiller, who worked with Bessent at George Soros's fund management company in the 1990s, has warned against suppressing U.S. bond yields. He argued that governments defending prices against fundamentals always lose.

Despite these warnings, bitcoin and crypto traders remain upbeat, with some predicting that the bitcoin price rally could be just getting started. The 10x Research analysts have declared bitcoin's bull market 'officially' here, citing the latest price rally as evidence of a strong market trend.