Bitcoin Rallies as Treasury Buybacks Fail to Tame Yields

Bitcoin and gold surged after Treasury Secretary Scott Bessent expanded the government's bond buyback program, despite the policy failing to lower long-term yields. On Aug. 19, Bessent announced increasing buybacks of 10-, 20-, and 30-year bonds to at least $4 billion per operation, doubling the previous limit, fueling demand for alternative assets.