Trump’s Treasury Secretary Scott Bessent rules out new acquisitions for crypto reserve

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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.

US Treasury Secretary Scott Bessent said today the government will not make new crypto asset purchases for its strategic reserve, opting instead to rely on confiscated holdings.

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.