Bitcoin Tops $80,000 in August With 28% Monthly Gain

Bitcoin surged past $80,000 on Tuesday, reaching its highest level in more than three months as a weakening U.S. dollar and renewed concerns over currency debasement fueled a broad rally in digital assets. The cryptocurrency touched an intraday high of $81,237.94 before settling near $80,323, marking its first time above the $80,000 threshold since mid-May. The move caps a stunning 28 percent gain for August, putting Bitcoin on track for its strongest monthly performance since November 2024.

The rally is being driven by a confluence of macroeconomic and sector-specific factors. A key catalyst was the U.S. Treasury's announcement last week to double its buybacks of long-dated government bonds, a move aimed at capping rising long-term yields that had climbed to levels not seen since 2007. The intervention, led by Treasury Secretary Scott Bessent, has been interpreted by markets as a policy that could erode the dollar's value over time, reviving the so-called "debasement trade." This strategy involves shifting capital from fiat currencies and sovereign debt into scarce assets like gold and Bitcoin.

"This Treasury announcement prompted buyers to scramble into physical and digital...