Bitcoin Surges as Trump Hints at Government Buying More BTC

Bitcoin surged past a six-week trading range after President Donald Trump hinted the U.S. government may buy more bitcoin and urged Congress to pass the Clarity Act, a crypto market structure bill now headed for a September vote.

Trump signals openness to more bitcoin

When asked at a White House meeting with crypto executives whether the administration planned to accumulate sizable amounts of bitcoin, Trump said:

“Certainly it’s been talked about. It’s taken a lot of pressure off the dollar. It’s been very, very good for the dollar, and I think if you came in with recommendations, I would certainly listen.”

The president signed an executive order last year establishing a strategic bitcoin reserve using seized coins, but the order does not commit to open-market purchases.

Trump also pushed lawmakers to advance the Clarity Act before September 15, saying:

“Now we need Congress to take the next step by passing the Clarity Act — this landmark structure legislation which will keep us ahead of China and keep us ahead of everyone else.”

Treasury buybacks fuel the rally

The move was amplified by the U.S. Treasury announcing a significant increase in buybacks of 20- and 30-year bonds, sending yields lower and boosting risk assets.