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At a Congressional committee appearance today, Treasury Secretary Scott Bessent was questioned by one Senator about whether the United States government would step in to "bail out bitcoin."
What's the Scoop?
- No Bailout: When asked by Senator Brad Sherman (D-CA) whether the United States would "bail out bitcoin" by ordering U.S. banks to buy BTC or investing taxpayer dollars in the cryptocurrency, Secretary Bessent responded that he lacks the authority to mandate such purchases.
- Sound Investment: Despite the potentially negative implications of Bessent's reaffirmation, many within the
Bitcoin community were enthused by the Secretary's subsequent comments, which recognized the fact that government-seized BTC holdings have increased in value by thirty times. - Market Fallout: Bitcoin has been bleeding today, suffering another 3% inter-day drawdown. With broader stock and commodity market weakness taking hold today, it remains unclear whether BTC's further slide is directly related to Secretary Bessent's comments.
JUST IN: 🇺🇸 Treasury Secretary Scott Bessent defends the US having a Strategic Bitcoin Reserve:
— Bitcoin Magazine (@BitcoinMagazine) February 4, 2026
"That is an asset of the US government. The asset seizure, that $1 billion of bitcoin was seized, $500 million was retained. And that $500 million has become over $15 billion." pic.twitter.com/cHegIcv0pb
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