Bitwise Chief Investment Officer Matt Hougan on Wednesday wrote that Treasury Secretary Scott Bessent may have inadvertently harnessed the government’s full power in a way that strengthens two of the biggest arguments for Bitcoin (CRYPTO: BTC)
What Did Treasury’s Intervention Trigger?
In his weekly CIO memo, Hougan argued that Bessent’s actions in the Treasury market and the administration’s use of the dollar-based financial system against Iran created a “powerful setup” for Bitcoin.
He pointed to the Treasury’s decision to double purchases of long-dated bonds in periodic buybacks to $4 billion, which came on the heels of 30-year Treasury yields at their highest levels since 2007.
While relatively small compared with overall U.S. debt issuance, Hougan said the move mattered because of the signal it sent.
