Key Takeaways
- The US Treasury will not acquire new crypto assets for its strategic reserve.
- Existing government-held Bitcoin originated from confiscated assets and no further sales are planned.
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The US government will not purchase new Bitcoin for its planned strategic reserve, opting instead to rely on confiscated holdings, said Treasury Secretary Scott Bessent on ‘Mornings with Maria.’
Bessent’s comments came in response to questions about US gold holdings.
“I doubt we’re going to revalue it, but we are going to keep it there as a store of value for the American people,” said Bessent when asked whether the US Treasury planned to revalue gold.
“We’ve also started to get into the 21st century, a Bitcoin strategic reserve. We’re not going to be buying that, but we’re going to use confiscated assets and continue to build that up. We’re going to stop selling that,” he added.
Bessent indicated the government’s Bitcoin reserves are currently valued between $15 billion and $20 billion. He confirmed plans to halt sales of existing Bitcoin holdings.
Bitcoin fell below $118,000 on Bessent’s remarks, according to TradingView data. The crypto asset was trading at $117,794 at press time.
This is a developing story. Please come back for further updates.
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