Well, grab your sad trombone 🎺, folks, because U.S. Treasury Secretary Scott Bessent just threw a wet blanket on the crypto party. During a Fox News interview on Thursday, he basically said, “Nah, we’re good on buying more Bitcoin for the Strategic Bitcoin Reserve (SBR). We’re more into the whole ‘confiscated assets’ vibe.” 🕵️♂️💰
Crypto Market Takes a Header After PPI Surprise and Bessent’s Buzzkill 🌀💸
In the last 24 hours, the crypto market took a nosedive, slipping 2.91% and almost face-planting below the $4 trillion mark. Bitcoin flirted with $117,719 before bouncing back to just over $118,000. The drama unfolded after the U.S. Producer Price Index (PPI) report dropped, showing wholesale prices hotter than a summer sidewalk. Bessent’s comments were like pouring ice water on an already chilly situation. ❄️💨
Chatting with Fox News, Bessent doubled down on the government’s Bitcoin (BTC) reserve plan, which apparently involves hoarding confiscated assets instead of splurging on more Bitcoin. “We’ve got this Bitcoin Strategic Reserve thing going,” he said, “but don’t expect us to go on a Bitcoin shopping spree. We’re more into the whole ‘stop selling’ thing now.” 🛑🛍️
He also dropped this gem:
“The bitcoin reserve is sitting pretty at $15 billion to $20 billion today.” 💎✨
30 a.m. Eastern time,
Bitcoin
is trading at $118,839 per coin. So, if you’re feeling down, just remember: at least you’re not the Treasury Secretary explaining why you’re not buying Bitcoin. 😢🤷♀️
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2025-08-14 18:39