The U.S. government’s bond buyback program, hailed by crypto enthusiasts as a savior for cryptocurrencies, is now collapsing. The market is excited about the Treasury’s buyback initiative, completely ignoring the brutal math of the debt. The U.S. government plans to borrow a staggering $739 billion in just three months. Every hypothetical cash injection from buying back old bonds will be instantly absorbed by massive new debt issuances. This is neither money printing nor quantitative easing. The government’s cash reserves are growing, while bank liquidity is being siphoned out of the market before it can even reach risky assets. Investors expecting the Treasury’s maneuvers to push Bitcoin prices to new highs may be in for a harsh disappointment.