On August 14, U.S. Treasury Secretary Bessent's comments caused sharp fluctuations in the cryptocurrency market. His remarks about Bitcoin and gold significantly impacted investor sentiment.
Key Remarks from Bessent
In a series of statements, Bessent indicated that the U.S. would not be increasing its Bitcoin purchases, sparking panic in the market and triggering sharp sell-offs. However, he later clarified that the accumulation plan for Bitcoin was not terminated, which improved market sentiment.
Changes in Reserve Structure: Gold and Bitcoin
Bessent emphasized that gold remains a vital part of the U.S. strategic reserves, and the current Bitcoin holdings are estimated at around $15-20 billion. The government also plans to incorporate seized Bitcoin into its strategic reserves without using taxpayer funds for purchases.
Implications for the Crypto Market
The market reacted to Bessent's comments: initial negative expectations shifted to optimism when it became clear that long-term accumulation plans for Bitcoin are still valid. This change in sentiment indicates growing confidence in Bitcoin's role as a strategic asset in international politics.
Bessent's remarks indicate that Bitcoin is gradually acquiring the status of a strategic reserve, opening new opportunities and creating pressure in the compliance sector of the cryptocurrency market.
