The David Lin Report · Wednesday, September 9, 2026
Richard Teng suggested that the US Treasury Secretary's announcement of potential intervention in bond markets on August 19th may have been interpreted by the market as a signal that long-term yields would not rise further, contributing to Bitcoin's rally. He also pointed to a broader trend of re-evaluation of portfolios in favor of assets like gold and crypto.
“Bitcoin rallied on August 19th. That was the day that the US Treasury Secretary Scott Bessent announced that he would intervene in the bond markets if necessary, doubling bond buybacks from $2 to $4 billion per operation.”
“Was that the trigger that possibly the market interpretation that the long end of the yield curve would not go up even more? And if so, perhaps what was keeping Bitcoin and the rest of the crypto markets down throughout the entire year was a prospect of higher interest rates?”
“I think all these make people sit up, take notice, re-evaluate their entire portfolio to say that, you know, if interest rate, especially in the long end goes up, the impacts bonds, impacts equity, I think is very favorable to assets such as gold and crypto, right?”