U.S. Treasury Secretary Scott Bessent spoiled the dreams of Bitcoiners worldwide Thursday, stating outright that the federal government will not be purchasing additional Bitcoin to supplement its existing supply of the cryptocurrency. “We’re not going to be buying that,” Bessent said during a Thursday morning appearance on Fox Business. The Treasury Secretary did endorse the notion of a U.S. strategic Bitcoin reserve, which President Donald Trump established via a March executive order. But Bessent said such a reserve, which currently consists of Bitcoin seized by U.S. law enforcement, will only be grown in the future by similar seizures. “We are going to use confiscated assets and continue to build that up,” Bessent said of the Bitcoin reserve. “We’re going to stop selling that.” The Treasury Secretary added he estimates the U.S. government’s current Bitcoin holdings to equal between $15 billion to $20 billion in value at current prices.
In other words, US taxpayers are not going to be bag holders for anyone taking profits in bitcoin. Find some other sucker (greater fool)
Its crazy interesting how the intent for bitcoin and what it was supposed to be used for has now become the total opposite extreme. The intended purposes of bitcoin were never for any of the what we are seeing today especially with big banks and government interactions with bitcoin In fact the very purpose of bitcoin has now gone in an entire different direction, so much now that bitcoin will never be what its intended use was originally for....
Both are unstoppable. I don't believe in bitcoin one bit. To me it's a total scam, but it can't stop going up just like equities. So while I think it's complete garbage, I know they will keep propping that thing up.
Until the party ends. And it will. It always does (eg. 1929, 1972, 1987, 2000, 2008). The Government may try to stop it but they won't be able to, just like they couldn't 17 years ago. The only question is, how bad will the next one be?