Bitcoin reclaimed $80,000 on Thursday after the U.S. Treasury's bond buyback plan revived a decades-old debate over yield control on Wall Street. Stanley Druckenmiller criticized the $4 billion move, while Ray Dalio said falling yields could push fixed-income investors toward safe havens such as gold and bitcoin.
Bitcoin breaks resistance as buybacks fuel the debate
Bitcoin's price reclaimed $80,000 per unit on Thursday after breaking past a key $79,000 resistance level. That move drove its market capitalization back to $1.61 trillion.
The rally came as the U.S. Treasury pushed back against punishing long-term government borrowing costs, dragging a decades-old yield control debate back onto Wall Street.
Druckenmiller pushes back, Dalio sees a safe-haven shift
Investor Stanley Druckenmiller criticized the Treasury's $4 billion buyback gambit as bitcoin bulls circled the debate. Ray Dalio, meanwhile, noted that lowering yields may force fixed income-style investors to move more into safe havens like gold and bitcoin, both of which have trended higher since the Treasury's announcement.
Still, the buybacks do not amount to formal yield curve control or quantitative easing, according to bitcoin.com's Jamie Redman. In a narrative-driven market, prices tend to look for any excuse to move in the direction they already want to go.
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