Bitcoin Benefits from Search for Safety Amid Debt Concerns
Dow Jones08-21 20:13
1213 GMT - Bitcoin jumps to a three-month high of $79,455, LSEG data show. The crypto currency is gaining alongside gold and silver as investors seek alternative assets amid concern over rising government-bond yields and high debt levels, says Trade Nation's David Morrison in a note. This comes after the U.S. Treasury this week announced it was doubling the buyback volume of long-term U.S. government bonds following a sharp rise in yields. "The story here is that investors are looking for long-term safety as government debt across the developed world continues to grow," he says. This was "brought into stark relief" as U.S. federal debt pushed above $40 trillion earlier this week, he says.
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