‘Whatever It Takes’—Market Sent Shock ‘Fear Of God’ Warning As Crypto Traders Brace For Massive Bitcoin Price Boom

08/25 update below. This post was originally published on August 24

Bitcoin and crypto prices have rocketed over the last week, lifting the combined market by around $500 billion as “panic” spread like wildfire through markets.

The bitcoin price has come within touching distance of $80,000 for the first time since late May, pushed on by one legendary billioniare investor naming bitcoin among his trade picks.

Now, as BlackRock reveals a surprise bitcoin flip, Treasury secretary Scott Bessent could be about to deliver a fresh, $1 trillion boost to the bitcoin price.

The Treasury could use its near $1 trillion General Account to help fund bond purchases, according to a CNBC report, citing anonymous sources.

“The Treasury’s intention to bring Treasury yields under control has revived the ‘debasement trade’. Eroding confidence in bonds and currencies driven by the policies of their issuing authorities is leading to capital flight from debt and currency markets to other markets,” Alex Kuptsikevich, FxPro’s chief market analyst, said in emailed comments.

“Assets associated with decentralised finance, namely gold and bitcoin, are proving particularly popular.”