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What is TGA? How can it push Bitcoin back to $80,000? Bitcoin has once again surpassed $80,000 after 101 days. Many people are confused: What happened? The US stock market is falling, AI hardware stocks are plummeting, and the Philadelphia Semiconductor Index once dropped more than 4%. Yet Bitcoin and gold are rising—gold has reached $4,670/oz, and Bitcoin has directly touched $80,000. What the heck? The answer is three letters: TGA. Today, I won’t talk about candlesticks or bulls and bears; I’ll break down and explain clearly why a "checking account" of the US Treasury can push Bitcoin back to $80,000. 1. What is TGA? TGA stands for Treasury General Account. In simple terms: it’s the US Treasury’s "checking account" at the Federal Reserve. All tax revenues go into this account first, and all government expenditures come out of it. You can think of it as the US government's debit card. During Biden’s administration, the balance in this account was roughly $550 billion to $600 billion. After Trump/Besant took office, they started depositing money aggressively—now the balance has grown to about $950 billion. That’s nearly $400 billion more than during Biden’s time. It’s like your family’s piggy bank suddenly having an extra $400 billion. 2. Why did the market explode? On August 19, the US Treasury announced it would double the scale of long-term bond buybacks from $2 billion each time to at least $4 billion. Treasury Secretary Besant also said the actual scale might be even higher. The question is—where does the money come from? The market’s default answer is: the Treasury will issue short-term bonds to raise funds. This operation is called a "Treasury Twist"—issuing short bonds and buying long bonds. But on August 24, a senior Treasury official said: the money can be directly taken from the TGA account. That changes everything. 3. Using TGA to buy bonds = money printing? A simple analogy: Your family has a piggy bank (TGA). Previously, you only put money in it, which caused less money circulating in the market (liquidity tightening). Now you say you’re going to break the piggy bank and use the money to buy back your own IOUs (long-term bonds)—doesn’t that increase the money in the market? Bloomberg macro strategist Simon White bluntly stated: using TGA to buy back long bonds is essentially no longer a "Twist operation" but a "net liquidity injection." In plain language—that’s QE disguised as "buybacks." 4. But the Treasury doesn’t dare to call it money printing Why? Because if they say it out loud—the inflation expectations will explode. So Besant calls it the "Treasury version of the Twist." Bloomberg analysts have uncovered the disguise—it’s essentially Treasury-led money printing to suppress long-term bond yields. The market reaction confirms this: The 10-year US Treasury yield fell nearly 4 basis points to 4.70%, but short-term yields rose instead of falling. This movement is completely opposite to the traditional "Twist" logic. Because the market doesn’t see this as a Twist—the market sees it as money printing. 5. Why are Bitcoin and gold rising more enthusiastically than US bonds? Because gold and Bitcoin are the most sensitive detectors of "actual fiat currency depreciation." US bonds reflect "interest rates." Gold and Bitcoin reflect "how much the fiat currency itself is worth." The Treasury’s use of TGA to buy bonds doesn’t increase total debt but directly injects high-powered liquidity into the financial market. The reserves exchanged from TGA enter the banking system and become active money. More money means the actual purchasing power of the dollar is under pressure—gold and Bitcoin rise. It’s that simple. Industry analysts put it more bluntly: gold and Bitcoin have become more direct "QE-like trade" targets than US bonds. 6. Can this wave continue? Bridgewater founder Ray Dalio has already spoken out: he suggests investors reduce bond allocations, allocate 10% to 15% to gold, and add some Bitcoin. Bitcoin spot ETFs have seen net inflows of $1.92 billion over five consecutive trading days, and the Fear & Greed Index has surged to 80. But there are risks—Citadel Securities calls this "financial repression," warning it will weaken the dollar and stimulate inflation. Peter Schiff is even harsher: "This is a recipe for massive QE and runaway inflation." On September 9, the first buyback operation will truly take place. Before that, it’s all expectations. After that, it’s numbers. If you understand this logic, you can understand: Why US stocks are falling while Bitcoin is rising. Why AI hardware stocks are getting hammered while gold is hitting new highs. Because the market isn’t trading on "how the economy is doing"—the market is trading on "whether money is still worth anything." $BTC $ETH $XAU #财政部拟动用TGA，长债回购能否治本？