Ah, Bitcoin. The darling of the digital age, always soaring high, only to drop like an awkward teenager at a school dance. On Thursday, it slid below the all-important $120,000 support level. The culprit? None other than US Treasury Secretary Scott Bessent, who put the kibosh on any future Bitcoin purchases for the government’s Bitcoin and digital asset reserve. Oh, joy!
The price at the time of writing? A modest $118,730, according to CryptoMoon data. Not exactly the stuff of dreams, but hey, it’s still a bit more than your average car, right?
And why did this happen, you ask? Well, Bessent spilled the beans during an interview with Fox Business, where he coolly explained that the government was not interested in purchasing more Bitcoin. Not now, not ever (or at least not on their watch). Instead, they’ll “build up” their Bitcoin reserves with confiscated assets. So much for that dream of the government going full crypto!
“We’ve also started to get into the 21st century, a Bitcoin reserve. We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” Bessent mused. How… modern of them.
This is quite the departure from President Trump’s earlier executive order, which directed the government to come up with “budget-neutral strategies” for increasing Bitcoin holdings. Talk about mixed signals, right?
Back in April, Bo Hines, who was part of the Presidential Council of Advisers for Digital Assets, hinted at possible funding sources for Bitcoin acquisitions, including tariff revenue and even a reevaluation of the Treasury’s gold certificates. Oh, how the mighty have fallen. It’s almost like the Bitcoin fairy tale was too good to be true.
The Bitcoin price drop came just hours after the crypto briefly overtook Google’s $2.4 trillion market capitalization, positioning itself as the fifth-largest global asset. But alas, optimism didn’t last, and the Treasury’s stance deflated any hopes of a Bitcoin-fueled future.
This story is far from over, my friends. Stay tuned, because if Bitcoin has taught us anything, it’s that the only thing constant is change – and a bit of chaos for good measure.
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2025-08-14 16:58