{"id":545765,"date":"2023-08-04T10:35:48","date_gmt":"2023-08-04T10:35:48","guid":{"rendered":"https:\/\/wncen.com\/?p=545765"},"modified":"2024-06-11T09:27:22","modified_gmt":"2024-06-11T09:27:22","slug":"bitcoin-crypto-implications-bill-ackman-30-y-t-bills-short","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-crypto-implications-bill-ackman-30-y-t-bills-short\/","title":{"rendered":"Bitcoin And Crypto Alert: The Implications Of Bill Ackman’s 30-Year T-Bills Short"},"content":{"rendered":"

What does this mean for Bitcoin and the broader crypto market? In a surprising move that has sent ripples through the financial world, billionaire hedge fund manager Bill Ackman recently announced that he is shorting 30-year Treasury bills. Ackman predicts<\/a> that yields could soon skyrocket to 5.5%, a move he is positioning as a hedge against the impact of long-term rates on stocks in a world he believes will be characterized by persistent 3% inflation.<\/p>\n

“I have been surprised how low US long-term rates have remained in light of structural changes that are likely to lead to higher levels of long-term inflation,” Ackman wrote on Twitter. He cited factors such as de-globalization, higher defense costs, the energy transition, growing entitlements, and the greater bargaining power of workers as potential drivers of this inflation.<\/p>\n

Ackman also pointed to the overbought nature of long-term Treasurys and the increasing supply of these securities due to the U.S.’s $32 trillion debt and large deficits. “When you couple new issuance with QT, it is hard to imagine how the market absorbs such a large increase in supply without materially higher rates,” he added. Remarkably, the 30 year yield climbed to 4.28% yesterday.<\/p>\n

\"30
30 year yield climbing | Source: Twitter @GRDecter<\/figcaption><\/figure>\n

However, not everyone agrees with Ackman’s perspective. Ram Ahluwalia, CEO of Lumida Wealth, suggested that Ackman’s views might already be priced into the market. “When someone has an idea, especially a hedge fund manager, it\u2019s good mental habit to assume the idea is Consensus,” Ahluwalia wrote<\/a> on Twitter. He even suggested taking the opposite view, advocating for buying 10-year bonds in the 4.1 to 4.25% range and mortgage bonds at 6.5 to 7%.<\/p>\n

Related Reading: Bitcoin Breakout Or Breakdown? Ark Invest\u2019s David Puell Shares His Prediction<\/a><\/div>\n

Meanwhile, Lisa Abramowicz, a Bloomberg analyst, noted<\/a> that the U.S. Treasury selloff has been driven by long-dated notes, not those most sensitive to Fed policy. “This suggests two things: traders expect inflation to stay higher for longer and they question whether the Fed is truly going to raise rates high enough to achieve 2% inflation,” she said.<\/p>\n

Implications For Bitcoin And The Crypto Market?<\/h2>\n

Since the opinions are divergent and, moreover, Bitcoin and bond yields are linked in several ways, there are several potential scenarios.<\/p>\n

Scenario 1: Yields Rise Significantly<\/h3>\n

If Bill Ackman’s prediction comes true and the yield on 30-year Treasury bills rises significantly to around 5.5%, this could have several implications for Bitcoin.<\/p>\n

Increased Risk Appetite: Higher bond yields could indicate a greater risk appetite among investors. If investors are willing to accept higher risk for higher returns, they might also be more inclined to invest in Bitcoin, which is often seen as a riskier asset. This could potentially drive up the price of Bitcoin.<\/p>\n

Inflation Hedge: If the rise in bond yields is driven by increased inflation expectations, Bitcoin could attract more investment as a potential store of value. Bitcoin, often referred to as ‘digital gold’, has been seen by some investors as a hedge against inflation. If inflation continues to rise and erodes the value of fiat currencies, more investors might turn to Bitcoin, pushing its price higher. However, that’s a narrative that still needs to be proven over time.<\/p>\n

Furthermore, it’s important to note that if yields rise too quickly or too high, it could lead to a sell-off in risk assets, including Bitcoin, as investors move to safer assets. This could potentially put downward pressure on Bitcoin’s price.<\/p>\n

Scenario 2: Yields Remain Stable Or Fall<\/h3>\n

If, contrary to Ackman’s prediction, yields remain stable or fall, this could also impact Bitcoin.<\/p>\n

Risk Aversion: Lower yields could suggest that investors are moving towards safer assets, which could negatively impact Bitcoin prices. If investors are less willing to take on risk, they might move away from Bitcoin towards safer assets like bonds.<\/p>\n

Related Reading: DOJ Action Against Binance: A Hidden Blessing For Bitcoin And Crypto Markets?<\/a><\/div>\n

Liquidity Conditions: Bond yields can reflect liquidity conditions in the market. If yields fall, it could suggest that liquidity is high. In such a scenario, there could be more capital available for investment in assets like Bitcoin, potentially supporting its price.<\/p>\n

Scenario 3: Market Uncertainty Increases<\/h3>\n

If market uncertainty increases, for example due to concerns about U.S. fiscal policy or rapid repricing in the bond market, Bitcoin could potentially serve as a hedge.<\/p>\n

Hedge Against Uncertainty: In times of market uncertainty, like in the banking crisis in March, some investors might turn to Bitcoin as a potential hedge. If Bitcoin’s perceived status as a ‘digital gold’ or safe haven asset strengthens, this could potentially attract more investment and drive up its price.<\/p>\n

However, it’s important to note that Bitcoin’s reaction to market uncertainty can be unpredictable and can depend on a variety of factors, including investor sentiment and broader market conditions.<\/p>\n

In conclusion, the potential impact of bond yield movements on Bitcoin’s price is complex and can depend on a variety of factors. Investors should remain vigilant and consider a range of potential scenarios.<\/p>\n

Otherwise, Bitcoin and crypto intrinsic factors like the approval<\/a> of a Bitcoin spot ETF, a Ether futures ETF or any actions<\/a> by the US Department of Justice (DOJ) against Binance, among others, have the potential to cause an increased volatility.<\/p>\n

 <\/p>\n

Featured image from CNBC, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

What does this mean for Bitcoin and the broader crypto market? In a surprising move that has sent ripples through the financial world, billionaire hedge fund manager Bill Ackman recently announced that he is shorting 30-year Treasury bills. Ackman predicts that yields could soon skyrocket to 5.5%, a move he is positioning as a hedge against the impact of long-term rates on stocks in a world he believes will be characterized by persistent 3% inflation. “I have been surprised how low US long-term rates have remained in light of structural changes that are likely to lead to higher levels of long-term inflation,” Ackman wrote on Twitter. He cited factors such as de-globalization, higher defense costs, the energy transition, growing entitlements, and the greater bargaining power of workers as potential drivers of this inflation. Ackman also pointed to the overbought nature of long-term Treasurys and the increasing supply of these securities due to the U.S.’s $32 trillion debt and large deficits. “When you couple new issuance with QT, it is hard to imagine how the market absorbs such a large increase in supply without materially higher rates,” he added. Remarkably, the 30 year yield climbed to 4.28% yesterday. However, not everyone agrees with Ackman’s perspective. Ram Ahluwalia, CEO of Lumida Wealth, suggested that Ackman’s views might already be priced into the market. “When someone has an idea, especially a hedge fund manager, it\u2019s good mental habit to assume the idea is Consensus,” Ahluwalia wrote on Twitter. He even suggested taking the opposite view, advocating for buying 10-year bonds in the 4.1 to 4.25% range and mortgage bonds at 6.5 to 7%. Related Reading: Bitcoin Breakout Or Breakdown? Ark Invest\u2019s David Puell Shares His Prediction Meanwhile, Lisa Abramowicz, a Bloomberg analyst, noted that the U.S. Treasury selloff has been driven by long-dated notes, not those most sensitive to Fed policy. “This suggests two things: traders expect inflation to stay higher for longer and they question whether the Fed is truly going to raise rates high enough to achieve 2% inflation,” she said. Implications For Bitcoin And The Crypto Market? Since the opinions are divergent and, moreover, Bitcoin and bond yields are linked in several ways, there are several potential scenarios. Scenario 1: Yields Rise Significantly If Bill Ackman’s prediction comes true and the yield on 30-year Treasury bills rises significantly to around 5.5%, this could have several implications for Bitcoin. Increased Risk Appetite: Higher bond yields could indicate a greater risk appetite among investors. If investors are willing to accept higher risk for higher returns, they might also be more inclined to invest in Bitcoin, which is often seen as a riskier asset. This could potentially drive up the price of Bitcoin. Inflation Hedge: If the rise in bond yields is driven by increased inflation expectations, Bitcoin could attract more investment as a potential store of value. Bitcoin, often referred to as ‘digital gold’, has been seen by some investors as a hedge against inflation. If inflation continues to rise and erodes the value of fiat currencies, more investors might turn to Bitcoin, pushing its price higher. However, that’s a narrative that still needs to be proven over time. Furthermore, it’s important to note that if yields rise too quickly or too high, it could lead to a sell-off in risk assets, including Bitcoin, as investors move to safer assets. This could potentially put downward pressure on Bitcoin’s price. Scenario 2: Yields Remain Stable Or Fall If, contrary to Ackman’s prediction, yields remain stable or fall, this could also impact Bitcoin. Risk Aversion: Lower yields could suggest that investors are moving towards safer assets, which could negatively impact Bitcoin prices. If investors are less willing to take on risk, they might move away from Bitcoin towards safer assets like bonds. Related Reading: DOJ Action Against Binance: A Hidden Blessing For Bitcoin And Crypto Markets? Liquidity Conditions: Bond yields can reflect liquidity conditions in the market. If yields fall, it could suggest that liquidity is high. In such a scenario, there could be more capital available for investment in assets like Bitcoin, potentially supporting its price. Scenario 3: Market Uncertainty Increases If market uncertainty increases, for example due to concerns about U.S. fiscal policy or rapid repricing in the bond market, Bitcoin could potentially serve as a hedge. Hedge Against Uncertainty: In times of market uncertainty, like in the banking crisis in March, some investors might turn to Bitcoin as a potential hedge. If Bitcoin’s perceived status as a ‘digital gold’ or safe haven asset strengthens, this could potentially attract more investment and drive up its price. However, it’s important to note that Bitcoin’s reaction to market uncertainty can be unpredictable and can depend on a variety of factors, including investor sentiment and broader market conditions. In conclusion, the potential impact of bond yield movements on Bitcoin’s price is complex and can depend on a variety of factors. Investors should remain vigilant and consider a range of potential scenarios. Otherwise, Bitcoin and crypto intrinsic factors like the approval of a Bitcoin spot ETF, a Ether futures ETF or any actions by the US Department of Justice (DOJ) against Binance, among others, have the potential to cause an increased volatility.   Featured image from CNBC, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":545768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89032,428,1119,6664,2007,89030,89031],"class_list":["post-545765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bill-ackman","tag-bitcoin","tag-btc","tag-crypto","tag-fed","tag-treasury-bills","tag-yields"],"acf":[],"yoast_head":"\nBitcoin Alert: Implications Of Bill Ackman's 30-Year T-Bills Short<\/title>\n<meta name=\"description\" content=\"What does this mean for Bitcoin and the broader crypto market? 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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