Treasury's Bond Move Sends Bitcoin and Gold Soaring

Bitcoin and gold prices surged this week after a series of events put upward pressure on their values.

The U.S. Treasury Department announced plans to significantly increase its buybacks of long-term Treasurys, or government debt, which sent the dollar plummeting and sparked a rush into alternative assets like gold and Bitcoin.

President Donald Trump's call for Congress to pass crypto-friendly legislation also added fuel to the fire, with some speculating that this could be a turning point for the industry.

The Treasury's move had an immediate impact on bond markets, causing investors to question whether the government is trying to push borrowing costs lower despite inflationary pressures.