Key Points
- •U.S. Treasury praises Bitcoin's resilience on social media.
- •Bitcoin network recognized for its stability and strength.
- •Treasury dismisses further Bitcoin acquisition plans.
U.S. Treasury Secretary Scott Bessent highlighted Bitcoin's resilience on social media, marking 17 years since its white paper release, with insights directed at Senate Democrats.
His remarks emphasize Bitcoin's stability amid discussions on digital asset policy, sparking modest market retracement but no new government Bitcoin purchases.
U.S. Treasury Highlights Bitcoin's 17-Year Resilience
U.S. Treasury Secretary Scott Bessent utilized his verified social media platform to underscore Bitcoin’s 17-year resilience. He highlighted that the Bitcoin network remains "robust," suggesting Senate Democrats could consider Bitcoin's stability for governance insights.
The announcement sparked discussions on government policy concerning digital assets. While Bitcoin's durability was acknowledged, no new government strategies or acquisitions were confirmed. This reaffirms the U.S.'s current stance on Bitcoin reserves.
Seventeen years after the release of the Bitcoin white paper, the Bitcoin network is still functioning well and is more robust than ever. Bitcoin will never shut down. Senate Democrats might learn something from this. — Scott Bessent, U.S. Treasury Secretary
Bitcoin Market Impact and Future Regulatory Discussions
In November 2021, the Bitcoin network experienced its 700,000th block milestone, underscoring its long-standing resilience and operational uptime, comparable to today’s cited commendation by U.S. Treasury Secretary Bessent.
As of the latest data, Bitcoin is valued at $109,692.13 with a market cap hitting $2.19 trillion, commanding a 59.29% market dominance. Data shows a 24-hour trading volume of $55.57 billion, depicting fluctuations with a recent 7.57% decline over 30 days.
Insights suggest Bitcoin's stability recognition could prompt heightened regulatory conversations, focusing on crypto's role in broader financial systems. Technological resilience remains a central point in policy discussions moving forward.