Bessent's Bluff on Bonds Backfired, Says Pantera's Morehead

Dan Morehead, Pantera Capital founder and managing partner, talks about Treasury Secretary Scott Bessent's plan to ramp up buybacks of long-dated government debt. "The only way a bluff works is if nobody at the poker table knows you are bluffing, and to slide an extra $2 billion of poker chips out onto the table...when you are a forced seller...it backfired," he said on Bloomberg Crypto.