According to @DowdEdward, he highlighted the idea of a perpetual bond with no maturity by likening it to rent and referenced an Andrew Yang post on X, drawing attention to renewed discussion around perpetual debt structures for funding needs (source: @DowdEdward on X). Perpetual bonds are fixed-income instruments with no redemption date that pay coupons indefinitely, with historical precedents such as British Consols issued by the UK government (source: Bank of England). For traders, the key lens is duration and term premium—changes in the perceived structure of government debt can affect long-end yields and discount rates for risk assets, a dynamic documented in Federal Reserve term premium research and the ACM Term Premium series (source: Federal Reserve). Crypto markets often react to shifts in real yields and liquidity; BTC and ETH have shown sensitivity to moves in the US 10-year TIPS yield that traders monitor alongside the CME CF Bitcoin Reference Rate during macro rate repricings (source: Federal Reserve FRED and CME Group).

According to @QCPgroup, the key September driver is Federal Reserve independence rather than a rate cut, with markets already pricing a higher term premium, a weaker US dollar, and support for gold and BTC; source: @QCPgroup on X, Sep 3, 2025. @QCPgroup adds that this backdrop is supportive for gold and BTC as the dollar softens and term premium rises; source: @QCPgroup on X, Sep 3, 2025.