Treasury Secretary Reveals U.S. Bitcoin Surprise, Triggering Price Shockwaves
Main Idea
U.S. Treasury Secretary Scott Bessent revealed that the U.S. holds fewer bitcoin than previously estimated, triggering market volatility and raising questions about the government's bitcoin reserve strategy.
Key Points
1. The U.S. government's bitcoin holdings are valued at $15 billion to $20 billion, below earlier estimates of over $23 billion.
2. Treasury Secretary Scott Bessent indicated the U.S. would stop selling bitcoin but ruled out additional purchases for the strategic reserve.
3. Arkham Intelligence estimates the U.S. holds nearly 200,000 bitcoin, but recent disclosures suggest the actual figure may be as low as 30,000.
4. Senator Cynthia Lummis criticized the potential sale of over 80% of U.S. bitcoin reserves, calling it a strategic blunder.
5. If confirmed, the lower holdings would place the U.S. fourth globally, behind China, the U.K., and Ukraine in bitcoin reserves.
Description
Bitcoin’s bearish reversal comes as U.S. Treasury secretary Scott Bessent revealed the U.S. holds far fewer bitcoin than previously thought...
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