Bitcoin Jumps 23% as US Debt Crosses $40 Trillion
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- Bitcoin surged 23.5% to $77,559 for the week as the US debt pile crossed $40 trillion and the Treasury Department doubled the size of certain debt buyback operations to $4 billion, per The Kobeissi Letter.
- Ray Dalio recommended investors allocate 15% of portfolios to gold and "a bit of Bitcoin," warning a US debt crisis could arrive within three years if current fiscal policy is unchanged.
- President Trump renewed calls for the CLARITY Act after meeting Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss, with a Senate procedural vote scheduled for September 15 requiring 60 votes.
- Hyperliquid spiked 20% after Trump revealed CFTC chair Mike Selig is working to bring the platform into the US in a "fully compliant and legal fashion."
- The SEC proposed new crypto rules exempting token issuances up to $5 million over four years and $75 million over 12 months, with Commissioner Hester Peirce calling current rules "inapt" for crypto.
- Standard Chartered's Geoff Kendrick said his $100,000 year-end Bitcoin forecast may now be "too low," attributing the rally to short liquidations and recovering spot Bitcoin ETF inflows.
- A Reuters/Ipsos poll of 1,166 US adults found 63% deemed it inappropriate for Trump and his family to earn money from crypto while in office, though 69% of Republicans disagreed.
Why it matters: The rally reframes Bitcoin as a macro hedge alongside gold — Dalio explicitly bundles them into the same 15% allocation recommendation. With the CLARITY Act facing a September 15 procedural vote requiring 60 votes and the SEC already drafting parallel token issuance exemptions, crypto's regulatory structure is being built through agency rulemaking even if Congress deadlocks.
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