Scott Melker thinks the catalyst came from Washington.
Treasury Secretary Scott Bessent increased purchases of long-term government bonds, sending a signal that the government is increasingly willing to intervene as borrowing costs rise.
It wasn't QE. It wasn't technically yield-curve control.
But Melker argues that markets understood the message anyway: when financial pressure becomes serious enough, Washington will step in.
Bitcoin exploded out of its range, triggering billions in short liquidations.
But crucially, it kept climbing after the leverage disappeared, driven by strong ETF flows and actual spot buying.
Melker now believes this could be the beginning of a new Bitcoin bull market.
And the bigger story isn't really Bitcoin.
The U.S. just crossed $40 trillion in debt, while Melker argues neither political party has any realistic appetite for fixing the underlying fiscal problem.
His expectation is straightforward: America eventually prints its way through the problem, deliberately debasing the dollar rather than allowing the debt system to break.
That doesn't mean the dollar suddenly loses reserve-currency status.
Melker actually thinks predictions of its imminent death are badly overblown.
The dollar remains, in his words, the “prettiest pig in the pen.”
But central banks are accumulating gold, trust in U.S. debt is weakening, and investors increasingly have reasons to own assets outside the fiat system.
So Bitcoin hitting $80,000 may be more than another crypto rally.
It may be the market beginning to price in something much bigger:
Washington has a debt problem it probably cannot repay honestly.
And Bitcoin was built for exactly that problem.
@scottmelker
