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U.S. Treasury Secretary Claims Government Will No Longer Purchase Bitcoin, Bitcoin Falls Below $120,000
According to Cointelegraph, U.S. Treasury Secretary Scott Bessent stated that the government has no plans to increase its Bitcoin reserves, causing Bitcoin to fall below the psychological support level of $120,000, currently priced at $118,730.
In an interview with Fox Business, Bessent confirmed that the government will not purchase Bitcoin anymore, but will utilize seized assets to increase reserves. This contradicts a previous executive order by President Trump, which called for the development of a budget-neutral strategy to increase Bitcoin holdings.
In April of this year, Bo Hines, then a member of the President's Digital Assets Advisory Council, stated that the government is exploring options to fund Bitcoin acquisitions through tariff revenues and reassessing the Treasury Department's gold certificates.
In an interview with Fox Business, Bessent confirmed that the government will not purchase Bitcoin anymore, but will utilize seized assets to increase reserves. This contradicts a previous executive order by President Trump, which called for the development of a budget-neutral strategy to increase Bitcoin holdings.
In April of this year, Bo Hines, then a member of the President's Digital Assets Advisory Council, stated that the government is exploring options to fund Bitcoin acquisitions through tariff revenues and reassessing the Treasury Department's gold certificates.
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