Bitcoin Sinks as Bessent Dismisses Bailout

2026-02-05 00:11 By Jam Kaimo Samonte 1 min. read

Bitcoin dropped below $73,000 in early February, hovering at its weakest levels since November 2024 after US Treasury Secretary Scott Bessent said the US government would not bail out the cryptocurrency.

When asked in a House Financial Services Committee whether the US Treasury had the authority to buy bitcoin or other digital assets, Bessent answered that he has no such authority.

The world’s largest cryptocurrency is now down more than 40% from its October peak, with investor Michael Burry warning the selloff could deepen and inflict lasting damage on companies that amassed large holdings over the past year.

He argued that bitcoin has been exposed as a purely speculative asset and has failed to serve as a debasement hedge comparable to gold and other precious metals.



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