Bitcoin’s Rally: JPMorgan, Standard Chartered, Peter Schiff React
Bitcoin’s move above $72,000 drew sharply different reactions from some of the market’s best-known voices.
Key Takeaways
- Standard Chartered’s Geoffrey Kendrick said Bitcoin could reach $100,000 by the end of 2026.
- Peter Schiff called the move above $72,000 a fakeout and argued that gold is the better trade.
- JPMorgan warned that Treasury buybacks may not prevent long-term yields from rising again.
- About $3 billion in crypto shorts were liquidated as Bitcoin broke out, amplifying the initial rally.
Standard Chartered turns the buyback into a Bitcoin call
The U.S. Treasury said it would at least double the maximum size of some buyback operations for older 10-to-30-year securities, to $4 billion per operation. The decision was aimed at liquidity in older bonds, not at launching a new Federal Reserve asset-purchase programme.
For Geoffrey Kendrick, Standard Chartered’s head of digital-assets research, the broader message was more important than the programme’s mechanics. Kendrick called it “exactly the type of thing Bitcoin loves” and said investors should position for Bitcoin to reach $100,000 by the end of 2026, according to Forbes.
His argument is a macro one. If investors view intervention in the Treasury market as a sign that governments will keep managing the consequences of large debt loads, Bitcoin may become more attractive as an asset outside that system. It is not a claim that a buyback operation automatically sends Bitcoin higher, nor a guarantee that the $100,000 target will be met.
Kendrick’s forecast also needs to be read in its proper frame. It is a year-end 2026 view from one research desk, not an estimate of Bitcoin’s next resistance level or a verdict on the latest one-day move.
Peter Schiff says the same event favours gold
Peter Schiff reached the opposite conclusion. In an X post, Schiff said Bitcoin’s rally above $72,000 was “a fakeout, not a breakout.” He argued that the Treasury announcement caught markets by surprise and that Bitcoin holders are only “half right” to expect easier money to support hard assets.
Bitcoin’s rally above $72K is a fakeout, not a breakout. The Treasury buyback announcement caught markets by surprise. Bitcoin investors have long believed a return to easy money would be the catalyst for gold and Bitcoin to soar. They are only half right. Sell Bitcoin, buy gold.
— Peter Schiff (@PeterSchiff) August 20, 2026
Schiff’s answer is gold. His view is that a government response to high borrowing costs ultimately points to inflation risk and currency debasement, conditions he believes favour the metal rather than Bitcoin.
That distinction is easy to lose in a broad crypto rally. Kendrick and Schiff both see the Treasury decision as evidence that the existing financial system faces pressure. They disagree over which asset best protects against it. Bitcoin’s gain does not resolve that argument; it only shows which side traders favoured during the initial reaction.
JPMorgan questions the fix, not the asset
JPMorgan’s warning belongs in a different category. Strategists cited by MarketWatch argued that the buyback plan may not keep long-term Treasury yields down because it does not alter the fiscal deficit or remove the term premium investors demand to hold longer-dated debt.
That is not a JPMorgan call to sell Bitcoin. It is a warning that the market condition which accompanied the rally could prove temporary. If long-term yields resume their rise, investors may reassess the idea that the Treasury announcement marked a lasting loosening in financial conditions.
Reuters made the same practical point: the buyback capacity is small relative to the Treasury market and does not address persistent borrowing or inflation concerns. That leaves Kendrick’s Bitcoin case exposed to a simple test, whether markets treat the intervention as reassurance or as evidence of a deeper problem.
Trump added a separate crypto catalyst
The Treasury decision was not the only headline in play. Donald Trump urged Congress to pass the CLARITY Act during a White House meeting with crypto-industry executives while Ethereum jumped with 19% in he same day.
The bill is designed to draw clearer lines between securities and commodities oversight for digital assets. That is a meaningful issue for exchanges, token issuers and investors who have spent years dealing with uncertain U.S. jurisdiction. But a presidential endorsement is not passage. The market can price an improved political signal long before Congress turns it into law.
The squeeze supplied momentum, not a conclusion
The force behind the first leg of the rally was visible in derivatives data. Coinglass data showed roughly $3 billion in crypto short liquidations in 24 hours as Bitcoin left a six-week range, with more than $1 billion cleared in a single hour. Traders who had bet against Bitcoin were required to buy it back as the market moved higher.
That helps explain why the move accelerated. It does not show why longer-term investors should own Bitcoin at a particular price. Earlier today our team explained how forced liquidations can magnify a crypto move; they are evidence of stressed positioning, not a standalone measure of demand.
There was also cash-market activity. SoSoValue data recorded $517.19 million in net inflows to U.S. spot Bitcoin ETFs on August 19. That does not prove a sustained trend, but it gives the rally a source of support beyond traders closing leveraged shorts.
What would support each argument from here
- For Kendrick: Continued ETF inflows, contained long-term yields and further progress on U.S. crypto market-structure legislation would strengthen the $100,000 case.
- For Schiff: Gold outperforming Bitcoin while long-dated Treasury yields rise again would support his view that investors are choosing the wrong hedge.
- For JPMorgan: A renewed increase in long-term yields after the buyback announcement would show that the policy has not eased investors’ concerns about the U.S. debt market.
- For the policy argument: Concrete movement on the CLARITY Act would matter more than another supportive White House statement.
The immediate price move gave every camp something to point to. Kendrick has a stronger institutional Bitcoin narrative, Schiff has a live warning about the same policy response, and JPMorgan has identified the point where the macro story can fail. The next few sessions will not settle the debate, but they will show whether Bitcoin’s buyers remain after the forced short covering has passed.
Source review: Treasury buyback terms are based on the U.S. Treasury’s August 19, 2026 release. Bitcoin price and liquidation figures were reported by CoinDesk on August 20. ETF-flow data is from a supplied SoSoValue snapshot dated August 19. Standard Chartered’s target is an attributed analyst forecast reported by Forbes, not a price guarantee. Schiff’s comments are opinion. Reuters and MarketWatch were used for the U.S. policy and bond-market context.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
