Expanded US Treasury Buybacks Could Bring Forward Bitcoin’s Climb to $180,000
JH Kim
Summary
- Expanded US Treasury buybacks of long-term bonds could accelerate Bitcoin’s path to $180,000.
- Mark Connors, CIO at Risk Dimensions, said Bitcoin could begin moving toward $180,000 if the Treasury steps up bond purchases and pressure from long-term Treasury yields eases.
- He set Bitcoin’s target range for this cycle at $180,000 to $360,000 and said progress on the CLARITY Act around Sept. 15 will be the key short-term variable.
An expanded US Treasury buyback program for long-term government bonds could bring forward Bitcoin’s move to $180,000, according to a market outlook.
CoinDesk reported on Aug. 20 that Mark Connors, chief investment officer at Risk Dimensions, said Bitcoin could start moving toward $180,000 if the Treasury increases its bond purchases and pressure from elevated long-term Treasury yields eases.
Connors set Bitcoin’s target range for this cycle at $180,000 to $360,000. He said Treasury buybacks could improve market liquidity and reduce the burden high Treasury yields have placed on the cryptocurrency.
Still, progress on the CLARITY Act around Sept. 15 is likely to be the key short-term variable.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.