Breaking: U.S. Bitcoin Reserves Worth Up To $20 Billion, Scott Bessent Confirms

U.S. Treasury Secretary Scott Bessent confirmed the nation’s $15–$20 billion Bitcoin reserve and a halt to sales. Bitcoin hit a record $123,360 before retreating.

Bessent Signals Strategic Reserve Shift as U.S. Halts Bitcoin Sales, Keeps Gold Policy Unchanged

U.S. Treasury Secretary Scott Bessent has confirmed that the government’s Bitcoin reserves are valued between $15 billion and $20 billion. In an X post shared by Matthew Sigel, he stated as well that U.S. will cease selling Bitcoin, an indication that management of these holdings is going to change significantly.

The action means that Bitcoin is now being considered as a long-term strategic asset. What Bessent said provides a glimpse of the U.S. Bitcoin holdings which is among the largest state-controlled reserves across the globe. Portions of the stash are believed to have been acquired through asset seizures over recent years.

Alongside the Bitcoin update, Bessent addressed the status of U.S. gold reserves. He said the Treasury will retain gold as a store of value but is unlikely to revalue it.

Decreased sale pressure of BTC would help favor a price rise, depending on other conditions in the market. The statements by Bessent indicate that BTC is seen as an asset complementing the traditional safe-haven ones.

U.S. is signaling confidence in a diversified reserve portfolio by continuing its “gold policy” but with a stronger emphasis on Bitcoin reserves. This would position the U.S. as a notable force in both the gold and cryptocurrency markets.

Furthermore, the Secretary of the U.S. Treasury excluded the option of acquiring Bitcoin to boost the nation’s BTC reserve. Instead, he said that the reserve will solely be comprised of seized BTCs.

The Bitcoin reserve position by the U.S. comes amid advocacy for formal systems by members of Congress. For instance, Senator Cynthia Lummis has suggested the BITCOIN Act. This involves strategic accumulation to further boost U.S. financial resilience.

BTC Sets Record at $123,360 Before Rapid Sell-Off Cuts Gains

Before Bessent’s disclosure of the U.S. Bitcoin reserve, Bitcoin price hit a new all-time high today before sharply retreating. The cryptocurrency reached $123,360 in the earlier trading session. The surge was short-lived as heavy selling pressure drove prices down to $119,339.

Data from TradingView shows Bitcoin is still up 27.51% year-to-date and 96.39% over the past year. Despite today’s drop, the asset remains 908.89% higher than five years ago. The intraday reversal wiped 3.52% off the day’s value.

The sharp drop comes after a gradual upward price trend in the previous months, which was contributed by growing interest from institutions and supply constraint.