The comment from the U.S. Secretary of the Treasury on the Bitcoin reserve crashed the asset's price.

On the evening of August 14, 2025, the price of Bitcoin dropped from $123,800 to $117,180 at one point, following comments by U.S. Treasury Secretary Scott Bessent. The latter stated in an interview for Fox Business that the government would not replenish its Bitcoin reserves, but later denied this.

At the time of writing, Bitcoin is trading just below $119,000. Let us remind you that on the night of August 14, the asset's price updated its historical maximum above $124,000.

The likely reason for such a deep and sharp correction was Bessent's statement about the bitcoin reserve.

When asked by the host whether all these ideas, the creation of a bitcoin reserve, the revaluation of gold reserves, and so on, are part of the plan to launch a sovereign fund, the minister replied as follows:

Against this backdrop, the price of Bitcoin fell to $117,180 at one point. The daily liquidation volume exceeded $963 million, according to CoinGlass. The asset's capitalization decreased from $2.48 trillion to $2.33 trillion, according to TradingView.

The community also linked this statement to the resignation of Bo Hines. Recall that he held the position of head of the Presidential Working Group on Crypto Assets, the so-called crypto council.

Later, Bessent published a new statement. In it, he noted that the U.S. Treasury is looking for "budget-neutral" ways to replenish the reserve without direct purchases from the treasury.

Against this background, the community joked that someone from the administration or key donors "whispered" to the minister about the effect his statement had.

The CEO of the mining company Braiins, Eli Nagar, was outraged that the agency is still "looking for ways," noting that it seems like an attempt to evade responsibility.

Despite Bessent's clarification, the price of Bitcoin has not recovered to its previous level. A drop is also observed in other positions, according to CryptoRank.