U.S. Treasury Secretary Scott Bessent on Thursday confirmed the government will not be buying additional Bitcoin (CRYPTO: BTC) for its strategic reserve, saying the holdings will grow only through confiscated assets.
What Happened: Speaking to Fox Business, Bessent also projected that tariff revenues could exceed earlier forecasts, potentially surpassing $300 billion this year.
“We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” Bessent said of the Bitcoin reserve, which he estimated to be worth “somewhere between 15 and 20 billion” at current prices. “We’re going to stop selling that.”
Bessent’s remarks came as fresh U.S. economic data showed the July Producer Price Index rising 3.3% annually, the highest level since February, and 0.9% month-on-month, the largest increase …