Pantera's Dan Morehead Calls Bessent's Bond Buyback a ‘Bluff' That Backfired
Pantera Capital founder Dan Morehead calls the US Treasury's expanded bond buyback plan a bluff that backfired. He ties Bitcoin's 26% August rally directly to it.
Speaking on Bloomberg Crypto, Morehead argued investors saw through Treasury Secretary Scott Bessent's move almost immediately.
The Buyback That Backfired
On August 19, Bessent doubled the Treasury's bond buybacks to ease borrowing costs. The program lets the government repurchase its own debt to influence bond yields. The cap rose to at least $4 billion per operation.
Morehead said the increase looked tiny against the $2 trillion in bonds the Treasury must sell every year. Highlighting the gap, he argued, only exposed the depth of the debt problem rather than solving it.
"It backfired because everyone could see they are off by three orders of magnitude."
Dan Morehead, Pantera Capital founder, Bloomberg
Bitcoin's Best August Since 2021
Bitcoin climbed 26% in August, its strongest month since November 2025. It marked the first net positive August since 2021, briefly topping $81,000. BTC traded near $77,258 at press time, per BeInCrypto data.
… Continue reading the full article at the original source below.
