Arthur Hayes Says Treasury Buybacks Are Fueling a Bitcoin Bull Market
TLDRArthur Hayes says expanded US Treasury bond buybacks are behind Bitcoins recent surgeBitcoin jumped from around $64,000 to above $80,000 after the August 19 buyback announcementTreasury will raise buyback limits to at least $4 billion per operation starting September 9US spot Bitcoin ETFs took in $517 million on August 19, the highest daily inflow since MayHayes says his fund has moved to maximum risk exposure in Bitcoin and Ether Arthur Hayes, co-founder of BitMEX, published an essay on August 25 saying Bitcoin has entered a new bull market. He ties this directly to a US Treasury decision to expand its bond buyback program. Treasury Secretary Scott Bessent announced on August 19 that buyback limits would at least double. The cap per operation will rise from $2 billion to at least $4 billion between September 9 and November 4. Hayes argues that buying older, long dated bonds pushes their prices up and yields down. Lower yields, he says, make assets like Bitcoin look more attractive to investors. “Same Same But Different” is an essay on why you should back up the truck and buy crypto with both hands. Bad Gurl Yellen and Buffalo Bill Bessent are the same whether their rhetoric before taking office differed. They