Scott Bessent Says US Bitcoin Reserve Worth At Least $15 Billion, No Plans To Buy More BTC

U.S. Treasury Secretary Scott Bessent reportedly said on Thursday that the U.S. government’s plans for a Bitcoin (BTC) reserve do not include buying up more of the cryptocurrency.

“We’ve also started a Bitcoin Strategic Reserve. 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 them. The bitcoin reserve at today’s price is somewhere between $15-$20 billion,” he said in an interview with Fox Business.

Bitcoin’s price hit a fresh all-time high of over $124,000 on Wednesday. The apex cryptocurrency is currently trading at around $118,00 after dropping more than 3.2% in the last 24 hours. On Stocktwits, retail sentiment around BTC was in ‘bullish’ territory, up from ‘bearish’ a day ago. It was also among the top trending tickers on the platform at the time of writing.

The dip in Bitcoin’s price came after July’s producer price index (PPI) came in hotter than expected. PPI rose 0.9% in July on a month-on-month basis and 3.3% year-on-year. Core PPI, which excludes food and energy prices, also jumped 0.9% in July with a year-on-year gain of 3.7%. Moreover, labor market data showed conditions remained constrained, with initial jobless claims for the week ending August 9 at 224,000 and continuing claims steady at 1.95 million.

During the interview, Bessent also stated that the government has no plans to sell its gold reserve. “We’ve got large gold holdings. I doubt we’re going to revalue it, but we’re going to keep it, as a store of value for the American people,” he said.

Gold prices were recently in the spotlight after a report suggested that gold bars would be subject to President Donald Trump’s reciprocal tariffs. The news caused gold futures prices to surge to a record high last week. However, Trump, in a post on Truth Social, clarified that the precious metal would not be subject to tariffs, offering some relief. Gold spot prices fell 0.3% in morning trade on Thursday, and gold futures slipped 0.63%. The SPDR Gold Trust (GLD) dipped around 0.4% with retail sentiment on Stocktwits in the ‘bullish’ zone.

Read also: Bitcoin Rally Cools After Record High – ADA Tops Altcoin Gains As Traders Await PPI, Jobless Claims Data

For updates and corrections, email newsroom[at]stocktwits[dot]com.