Treasury Secretary Scott Bessent has clarified that the United States will not be purchasing additional Bitcoin, a position that diverges from earlier suggestions made by other government officials. Speaking on FOX Business during the Mornings with Maria program, Bessent addressed several issues from the Trump administration's agenda, including tariffs, the selection of the next Federal Reserve chair, the housing market, and the future of the country's gold and digital asset holdings.Host Maria Bartiromo asked whether the Treasury planned to revalue its gold reserves. She pointed out that the government's 261.5 million ounces of gold are currently valued at $42.22 per ounce based on a 1973 price, which amounts to $11 billion on paper. However, Maria noted that at current market rates, these gold holdings would be worth around $750 billion. She questioned Secretary Bessent if the Treasury was looking at revaluing these holdings.Bessent: US Government Will Not be Revaluing Its Gold Nor Buying BitcoinBessent responded by noting that the government maintains a large gold reserve, which they might not be revaluing. He emphasized that the gold would remain in place as a store of value for the American people. Treasury Secretary Bessent on FOX Business Treasury Secretary Bessent on FOX Business The Treasury Secretary then switched to digital assets, noting that the administration has moved to modernize its holdings by establishing a strategic Bitcoin reserve . He explained that the government has funded the reserve through seized assets.According to Bessent, the reserve is worth between $15 billion and $20 billion at current prices. However, he revealed that the administration has no plans to buy more Bitcoin, reiterating that it will continue to grow the reserve only through confiscated assets. Data from Arkham shows the US government holds 198,022 BTC worth $24.34 billion.Bessent also confirmed that the government has no plans to sell any of the assets already in the reserve. Recall that in March, White House Crypto Czar David Sacks noted that the previous administration lost around $17 billion by selling some of its Bitcoin holdings.Meanwhile, Bessent further explained that each of these initiatives, whether related to gold or Bitcoin, would require legislative action to formalize. He said the administration would pursue statutory measures to create a dedicated fund to manage these assets responsibly for future generations. Bessent added that President Trump wants people to remember him as the leader who built national wealth through asset accumulation rather than increasing debt.Treasury Secretary Bessent's Comments Contrast Previous RemarksNotably, this stance on halting Bitcoin purchases contrasts with previous remarks made by Bo Hines, former Executive Director of the US President's Council of Advisers on Digital Assets. Hines had repeatedly indicated that discussions were underway with the Treasury and other agencies to explore budget-neutral ways to acquire additional Bitcoin.Hines' comments came after President Trump signed an executive order on March 6, 2025, creating a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile, which received initial funding from existing BTC holdings.The order classified Bitcoin as a reserve asset similar to gold, prohibited the sale of reserve holdings, and directed Treasury and Commerce to seek cost-free acquisition methods for more Bitcoin.Following the order, Hines had floated the idea of re-evaluating gold certificates and using the resulting gains to purchase additional Bitcoin. He also suggested in March that the US wants to accumulate as much Bitcoin as possible, much like gold.Bessent's latest remarks have now placed doubt on those ambitions. Shortly after his remarks, Bitcoin, which had recently been reaching record highs, fell sharply. Within minutes, the price dropped below $120,000, and it is currently trading at $119,090, marking a 3.51% decline for the day.
