U.S. Treasury Secretary Dampens the Crypto Market, Says “No Bailouts”
U.S. Treasury Secretary Dampens the Crypto Market, Says “No Bailouts”
Market uncertainty is growing as Bitcoin prices plunged below $67,000 after U.S. Treasury Secretary Scott Bessent dismissed the possibility of a government bailout for the cryptocurrency market.
According to cryptocurrency-focused media outlet Yahoo Finance on February 5 (local time), Secretary Bessent stated in recent remarks that the U.S. government does not have the authority to instruct banks to bail out the cryptocurrency industry. He emphasized a principle of non-intervention grounded in market logic, saying, "The government is not in a position to force banks to rescue or lend to specific industries." These comments dampened the expectations of some investors who had anticipated a government-led safety net, triggering selling pressure.
Bitcoin (BTC) prices reacted immediately following Bessent’s remarks. After holding the $68,000 level, Bitcoin saw a sharp decline once the comments were reported, quickly breaking below the $67,000 support level. The market appears to be interpreting the remarks as a signal that the government will stand by in the event of a collapse in the cryptocurrency market, further spreading fear.
The comments have added to confusion, as they appear to contradict expectations that the Trump administration would take a pro-cryptocurrency stance. While Senator Cynthia Lummis and others have argued that Bitcoin should be accumulated as a strategic national asset, the Treasury Secretary’s clear line has heightened policy uncertainty. A former hedge fund manager, Bessent has long advocated market liberalism, and his remarks are widely seen as a reaffirmation of a stance against granting special treatment to the cryptocurrency industry.
Experts believe that Bessent’s comments could have long-term implications for how relationships are structured between cryptocurrency firms and banks. With the prospect of implicit government guarantees or support fading, banks are likely to take a more conservative approach to managing cryptocurrency-related risks. Some observers warn that the remarks could lead to tighter liquidity conditions, further increasing market volatility.
*Disclaimer: This article is provided for investment reference only, and no responsibility is taken for any investment losses based on its content. The information should be interpreted solely for informational purposes.*
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