Bitcoin Soars 20% to $80K on Treasury Chief’s ‘Fear of God’ Warning

Bitcoin has rocketed 20% over the last week, soaring past $80,000 per bitcoin for the first time since May as Treasury Secretary Scott Bessent puts the “fear of god” into traders. The move has kindled hopes among crypto faithful that the 2026 bear market could be ending.

Now, the world’s largest asset manager BlackRock has revealed its $60 billion bitcoin fund is poised to keep growing. Robbie Mitchnick, head of digital assets at BlackRock, told Bloomberg: “It’s going to keep growing because we keep expanding the access.”

BlackRock lowered the minimum bitcoin required for a direct swap into its IBIT fund to $1 million from $25 million previously. Investors can exchange their bitcoin for ETF shares without first selling, avoiding potential capital gains taxes.

BlackRock is capitalizing on recent hardware wallet hacks, including an attack on Coldcard devices that sparked fears self-custody risk is too high. Mitchnick noted: “People see things happen in the outside world—whether it’s kidnappings, ransom, custody failures—that motivate them to make this switch.”

Meanwhile, the 13 U.S. bitcoin ETFs, led by BlackRock’s IBIT, have recorded their strongest weekly inflows in 10 months. Talos researchers Tanay Ved and Cooper Duschang noted: “Bitcoin’s 23% rally and the jump in volatility this week rank among the largest in its history.”

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