Glassnode Says Bitcoin Has Surged 21% Since US Treasury Expanded Buybacks

Bitcoin has climbed 21% since the US Treasury announced an expansion of its bond buyback program, on-chain analytics firm Glassnode said.

The move has renewed attention on Bitcoin as a hedge against a weaker dollar. Glassnode said concern is resurfacing in the market that an expansion of Treasury buybacks could inject liquidity and erode the currency's value, supporting demand for Bitcoin.

Bitcoin's fixed supply has long made it, alongside gold, an asset cited as a hedge against currency debasement. More recently, US fiscal policy and Treasury-market measures have had a growing influence on the token's price.