US Treasury Secretary Scott Bessent confirmed a disappointing amount of US authorities bitcoin (BTC) holdings this morning, placing the quantity at “$15 to $20 billion” — a way in need of prior estimates exceeding $23 billion.
He additionally stated the US authorities might be not going to buy extra BTC for its Strategic Bitcoin Reserve (SBR), dashing hopes of hundreds of thousands of traders.
Bessent dropped the bombshell in response to a query from Fox TV in regards to the Treasury’s statutory e book worth of gold holdings at $42.22 per ounce.
Sadly, he didn’t instill any confidence within the crypto neighborhood, and inside just a few seconds, rattled off a number of breaking headlines.
First, he estimated the worth of US authorities BTC holdings within the SBR at $15-20 billion — a disappointing determine, approach under third-party estimates.
Second, he clarified that he doesn’t anticipate the US authorities promoting or revaluing gold to purchase extra BTC, dashing the hopes of quite a few lobbyists.
Concepts about methods to use the Alternate Stabilization Fund or different techniques to funnel cash from US gold holdings into BTC purchases have circulated for months.
Sadly, Bessent denied these plans as of this morning’s announcement.
Third, Bessent stated that he’s not even conscious of any authorities plan to buy extra BTC. As an alternative, he merely reiterated prior guarantees to not promote civil and prison BTC seizures which can be surrendered into US authorities management.
Though Donald Trump signed an government order forcing him to contemplate such plans, Bessent appears to have thought-about them and declined for now.
