W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/15/2025

Bitcoin Drops Below $119,000 After U.S. Treasury Secretary Rules Out Additional Purchases

On August 14, Bitcoin fell below the key psychological level of $120,000, trading at $118,730 at the time of writing — a sharp pullback from its all-time high of $124,457 reached just hours earlier. The sell-off was triggered by comments from U.S. Treasury Secretary Scott Bessent, who confirmed the government will not make any new BTC purchases to add to its strategic reserve. Speaking on Fox Business, Bessent said: "We have entered the 21st century with a Bitcoin reserve. We will

Bitcoin Drops Below $119,000 After U.S. Treasury Secretary Rules Out Additional Purchases

On August 14, Bitcoin fell below the key psychological level of $120,000, trading at $118,730 at the time of writing — a sharp pullback from its all-time high of $124,457 reached just hours earlier. The sell-off was triggered by comments from U.S. Treasury Secretary Scott Bessent, who confirmed the government will not make any new BTC purchases to add to its strategic reserve.

Speaking on Fox Business, Bessent said:

"We have entered the 21st century with a Bitcoin reserve. We will not be buying more, but we will use seized assets and continue building this reserve."

According to Bessent, the U.S. government will stop selling its current Bitcoin holdings, estimated to be worth roughly $15–20 billion at current prices. The BTC is primarily sourced from criminal seizures, and after compensating victims, any remainder will be added to the national reserve.

Earlier, an executive order signed by President Donald Trump on March 6 established the Strategic Bitcoin Reserve and a separate digital asset stockpile, opening the door to potential BTC purchases through "budget-neutral" strategies that would impose no additional cost on taxpayers. In April, advisor Bo Hines indicated the administration had considered using tariff revenues and revaluing the Treasury's gold certificates to fund BTC acquisitions.

Notably, just hours before Bessent's remarks, Bitcoin had surpassed Google's market cap of $2.4 trillion, briefly becoming the world's fifth-largest asset. However, optimism cooled quickly after the news that the government would not be buying more.

Even so, with U.S. national debt having just crossed $37 trillion — an all-time high — many investors believe Bitcoin still has the potential to set new records, given its role as an inflation hedge and long-term store of value.