Bitcoin has beaten stocks and gold over six months. Now it’s crossed the $80,000 mark.

Bitcoin crossed the $80,000 level Tuesday, holding near that mark after last week’s sharp rally. The move extends a six-month stretch in which the cryptocurrency has outperformed both stocks and gold. Market participants largely attributed the surge to the Treasury Department’s announcement that it would double its buyback of longer-dated Treasurys.

That policy shift carries broad market relevance. By increasing purchases of long-term government debt, the Treasury effectively adds liquidity to the financial system, which can ease pressure on yields and encourage a more risk-on tone. Bitcoin, given its sensitivity to liquidity conditions, has often responded positively in such environments. It also underscores how the asset has become increasingly intertwined with traditional macro drivers, rather than acting purely as a standalone store of value.

Looking ahead, the key question is whether Bitcoin can sustain its footing above $80,000. Investors will likely monitor the Treasury’s upcoming buyback operations and broader signals from the Federal Reserve, as any shift in risk appetite could test the recent gains. For now, the cross of this psychological level highlights the growing influence of government debt management on cryptocurrency valuations.