Treasury Chief Backtracks After Market Crash

The U.S. Treasury faced a market downturn following ambiguous remarks by Secretary Scott Bessent on August 14th. His statements about Bitcoin acquisition plans triggered investor anxiety, leading to a sharp drop in the price of Bitcoin and wiping out billions from its market capitalization within minutes. Though Bessent later clarified his stance, claiming continued exploration of budget-neutral strategies for purchasing bitcoin, uncertainty remains among crypto experts and investors alike. This confusion further fueled a lack of clear action on cryptocurrency investment strategy and raises concerns about the U.S. position in the growing Bitcoin sphere.