The cryptocurrency market has been delivered a shock after US Treasury Secretary Scott Bessent said the government doesn’t plan to buy Bitcoin.

US Government Doesn’t Plan To Buy More Bitcoin For Strategic Reserve

In an interview with Fox Business, Bessant has touched on the topic of the Strategic Bitcoin Reserve and has confirmed that the government will not be buying more of the cryptocurrency for it. Instead, he said, the US will build it up using confiscated assets.

At current prices, these assets are worth between $15 to $20 billion. The US Treasury Secretary has also revealed that the government is going to stop selling its BTC holdings.

The market has reacted negatively to the news, with Bitcoin going to as low as $118,000. The asset was already chaotic during the past day, w

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