Bitcoin (BTC) is trading above $87,000 again — a level it has not seen since early April — and former BitMEX CEO Arthur Hayes thinks this might be the last time anyone gets to buy below six figures.

That is the punchline. The setup? A mix of macro pressure, fiscal signaling and what some investors are reading as a shift in institutional trust. Hayes is teasing a new essay this week, “The BBC Bazooka,” diving into U.S. Treasury buybacks and what they could mean for liquidity across the board.

Markets were bracing for tightening. What they got instead was the prospect of debt monetization, where the Fed prints to absorb supply. For Bitcoin, that could be fuel. Not today, maybe not next week, but structurally? It changes the game.

Still, that kind of spike in issuance is not just noise. Pressure on rates could weigh on risk assets in the short term. But in the long view, it raises the appeal of hard assets. Gold just hit a new record at $3,382. Bitcoin seems to be moving in sync.

There is also a policy curveball in play. Reports are swirling about potential Fed leadership changes and growing White House involvement in central bank decisions. The dollar index dropped to a three-year low, and with over $5 trillion erased from U.S. equities this month, investor sentiment is tilting. 

The recent bounce of BTC — up 2.83% today alone — looks less like a fluke and more like positioning. A quiet migration into alternatives is already happening. The question now is how long the window will stay open.