- U.S. Treasury dismisses Bitcoin reserve claims as incorrect.
- No “Bessent” official involved in Treasury Bitcoin plans.
- Yellen reiterates skepticism on Bitcoin as a reserve asset.
There is no confirmation that the U.S. Treasury Secretary, Janet Yellen, or any person named ‘Bessent,’ announced the U.S. is building Bitcoin reserves.
This unconfirmed claim could mislead investors, given the lack of official statements and potential misinformation impact on Bitcoin’s market perception.
Reports suggest the U.S. Treasury is allegedly building Bitcoin reserves, claiming it as a store of value. However, official channels refute these claims, stating there is no policy or confirmation from any known U.S. Treasury officials on such plans.
The claims reference a supposed statement by a “Bessent” at the U.S. Treasury, although this person is not listed in any governmental role. Current Treasury Secretary, Janet Yellen, has made no official comments endorsing a Bitcoin reserve strategy.
Amid these unsubstantiated claims, financial markets remain unaffected, since there is no official backing. Any legitimate U.S. policy shift towards Bitcoin could have significant effects on the cryptocurrency’s price, but no such movement has been observed.
Politically, if true, such a move would represent a dramatic shift in U.S. economic strategy. Officials including Yellen regularly highlight cryptocurrencies’ risks, emphasizing strict regulatory frameworks rather than adoption for reserves. “Bitcoin is… an extremely inefficient way of conducting transactions,” remarked Janet Yellen, underscoring her skepticism.
Previous U.S. Treasury actions involved Bitcoin seizures from criminal cases rather than sovereign reserve holdings. Noteworthy actions were auctions of confiscated assets, without any intent to retain Bitcoin as a national asset.
Analyzing historically, the U.S. has focused on a dollar-centric global economy, with former Federal Reserve officials dismissing Bitcoin’s impact on global monetary dynamics. The U.S. Treasury’s current efforts highlight regulation over accumulating cryptocurrencies, as detailed in their report on financial stability risks of digital assets.
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