Trump Hints at Government Buying More Bitcoin Amid Treasury Buyback Boost
Bitcoin's price surged past its six-week trading range after President Donald Trump hinted that the U.S. government may buy more of the cryptocurrency. In a meeting with crypto executives, Trump said that buying bitcoin had taken 'a lot of pressure off the dollar' and been 'very good for the dollar.'
Trump also urged Congress to pass the Clarity Act, a bill aimed at structuring the U.S. government's approach to digital assets. The act is set for a September 15 vote.
The news comes on the heels of the U.S. Treasury announcing increased buybacks of 20- and 30-year bonds, which sent yields lower and boosted risk assets.
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, called the move a 'catalyst' for bitcoin, predicting that investors should position for a price of $100,000 by year-end 2026.