The U.S. Treasury did something fantastical yesterday: it paid out of its own pocket to repurchase $6.0 billion of its own Treasury bonds.
Crypto traders are already shouting “Bitcoin bullish,” but first let’s pour some cold water: $6.0 billion is the maximum. The limit in September was also $6.0 billion, and in reality it only bought $5.187 billion—roughly 86% of the target.
And this money didn’t fall from the sky—Treasury has to raise it by issuing short-term Treasury bonds, which is essentially taking from one place to cover another.
Take a side: do you think this is “stabilizing the market,” or “an indirect bailout”? Pick one in the comments.
#Bitcoin
Crypto traders are already shouting “Bitcoin bullish,” but first let’s pour some cold water: $6.0 billion is the maximum. The limit in September was also $6.0 billion, and in reality it only bought $5.187 billion—roughly 86% of the target.
And this money didn’t fall from the sky—Treasury has to raise it by issuing short-term Treasury bonds, which is essentially taking from one place to cover another.
Take a side: do you think this is “stabilizing the market,” or “an indirect bailout”? Pick one in the comments.
#Bitcoin