- Standard Chartered’s Geoffrey Kendrick says Treasury bond buybacks create a potentially supportive backdrop for Bitcoin.
- The Treasury is doubling some buyback operations for older 10-to-30-year securities to $4 billion per operation.
- Kendrick expects Bitcoin could reach $100,000 by the end of 2026, though the target remains a forecast rather than a guarantee.
The U.S. Treasury’s decision to expand buybacks of older government debt is attracting attention across crypto markets. While the program is designed to improve liquidity in parts of the Treasury market, Standard Chartered sees a potentially bigger implication for Bitcoin.
Standard Chartered Makes the Bitcoin Case
Geoffrey Kendrick, Standard Chartered’s head of digital-assets research, described the development as “exactly the type of thing Bitcoin loves.” He believes the broader macro environment could help push Bitcoin toward $100,000 by the end of 2026.
The argument is less about the mechanics of the Treasury program and more about what intervention could signal to investors. If markets increasingly expect governments to actively manage the effects of large debt loads and stressed bond markets, assets operating outside the traditional monetary system could become more attractive.
Treasury Buybacks Are Not Fed Quantitative Easing
The Treasury said it would at least double the maximum size of certain buyback operations involving older 10-to-30-year securities to $4 billion per operation. The goal is to improve liquidity in older bonds rather than introduce a new Federal Reserve asset-purchase program.
That distinction matters because Treasury buybacks do not automatically inject monetary stimulus into markets in the same way investors typically associate with quantitative easing. Bitcoin’s reaction therefore depends on how traders interpret the broader fiscal and liquidity backdrop.
$100K Remains a Year-End Target
Kendrick’s $100,000 Bitcoin target is a year-end 2026 forecast rather than a prediction about BTC’s next short-term resistance level. Bitcoin could still face significant volatility before reaching that level, and Treasury buybacks alone are unlikely to determine its direction.
Still, Standard Chartered’s call shows how developments in traditional bond markets are increasingly feeding into the Bitcoin investment thesis. If concerns around government debt, liquidity and monetary credibility continue building, Kendrick believes Bitcoin could be one of the assets positioned to benefit.
