Bitcoin Could Benefit from U.S. Treasury's Plan to Boost Debt Buybacks
Dow Jones
Aug 19
1348 GMT - The U.S. Treasury's plan to increase buybacks of long-dated government debt is positive for bitcoin, Standard Chartered's Geoff Kendrick says in a note. "Bitcoin, a way to store wealth without a central authority, was built to allow investors a way to avoid this type of intervention." Key for bitcoin is to rise above $65,500, he says. Bitcoin has likely reached its cycle low and investors should be positioning for a move to $100,000 by year-end, he says. Bitcoin rises 0.6% to $64,938, LSEG data show. The Treasury said Wednesday it will increase, by at least double, the size of liquidity support buyback operations for securities from the 10-year to 30-year sector. The announcement follows Tuesday's sharp rise in yields.
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