Dan Morehead, founder of Pantera Capital, called the US Treasury’s expanded bond buyback program a bluff that backfired. On August 19, Treasury Secretary Scott Bessent doubled bond buybacks, with the cap raised to at least $4 billion per operation, while the Treasury must sell $2 trillion in bonds every year. Bitcoin surged 26% in August, its strongest month since 2021, briefly topping $81,000. Morehead anticipates a recovery near the end of the year.
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