Bitcoin Loses $80,000 as Critics Swarm Treasury's $950 Billion Buyback Plan
Bitcoin (BTC) touched $80,000 on Monday, then handed the level straight back. Critics are lining up against the US Treasury plan that sparked the move.
The token traded near $78,835 at press time. The bond market had already run this exact play last week, and it did not hold.
What Pushed Bitcoin to $80,000
The Treasury General Account (TGA) is the government's checking account at the Federal Reserve. Tax receipts fill it. Treasury Secretary Scott Bessent has let it swell, with reports pegging the account near $950 billion.
Treasury's own daily cash statement showed $935.1 billion on August 20, the latest official reading. Two senior Treasury officials told CNBC that money could fund bond buybacks.
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