On Thursday, Bitcoin created a new all-time-high (ATH) exceeding $124,000
Bessent reinstated that the country will not be using the taxpayers’ money to purchase BTC for this treasury
At the time of writing, BTC was trading at $118,228
U.S. President Donald Trump, in March this year, established a strategic Bitcoin reserve pitching it as a store of value for a long term. Scott Bessent, the secretary of the U.S. treasury has now disclosed an estimated valuation of the Bitcoin treasury.
Speaking to Fox Business for a television interview Bessent said that the creation of the BTC treasury is for the U.S. to get into the 21st century mode.
“I believe that Bitcoin reserve at today’s prices is somewhere between 15 and 20 billion you,” the Treasury Secretary said.
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
Further, he reinstated that the country will not be using the taxpayers’ money to purchase BTC for this treasury.
“We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up. We’re going to stop selling that,” he noted.
Bessent’s revelation of the BTC reserve valuation comes at a time when the asset has been consistently breaking new price records. On Thursday, Bitcoin created a new all-time-high (ATH) exceeding $124,000.
At the time of writing, BTC was trading at $118,228 after receding from its latest ATH. Notably, the capitalization of the over all crypto market has hit $4 trillion hitting its own ATH, data by CoinMakarketCap showed.
A recent report by the Federal Reserve explored if the U.S. treasury’s gold reserves could be used to fund a new Bitcoin reserve strategy. By revaluing its gold assets, the Treasury wishes to assess if they could issue new gold certificates at the current market price and transfer them to the Federal Reserve. The idea is to creating liquidity without requiring an actual sale of gold.
