The statement has attracted attention across global financial markets, as investors continue to speculate about the future direction of U.S. monetary policy and the potential impact on risk assets.

What Is Quantitative Easing?

Quantitative easing is a monetary policy tool typically used by central banks during periods of severe economic stress. Under this approach, a central bank purchases large quantities of government bonds and other financial assets from the market. The goal is to increase liquidity within the financial system, lower long-term interest rates, and stimulate economic activity.

The Federal Reserve has relied on QE in the past during major crises. Notably, the policy was widely used after the 2008 global financial crisis and again during the COVID-19 pandemic. These programs helped stabilize financial markets and supported economic recovery by injecting significant liquidity into the system.

Focus Remains on Policy Normalization

Bessent’s comments indicate that the U.S. economy is not currently facing the type of crisis that would require emergency monetary stimulus. As a result, the Federal Reserve appears to be maintaining its focus on policy normalization rather than returning to ultra-loose conditions.

At present, the Fed’s priorities remain centered on managing inflation and maintaining economic stability. Policymakers are attempting to ensure that inflation continues to moderate while keeping economic growth on a sustainable path.

This approach suggests that the central bank is likely to proceed cautiously, avoiding large-scale monetary stimulus unless economic conditions deteriorate significantly.

Implications for Financial Markets

The indication that QE is not on the near-term horizon carries important implications for financial markets. Historically, large liquidity injections from central banks have played a major role in fueling rallies across risk assets, including equities and cryptocurrencies.

However, the current outlook suggests that financial conditions could remain relatively tight compared to previous stimulus-driven cycles. Without the support of expansive liquidity programs, markets may experience a more restrained environment where fundamentals and macroeconomic data play a larger role in shaping price movements.

Outlook for Future Monetary Policy

While quantitative easing remains a powerful policy tool, Bessent’s remarks imply that its return would likely require a significant economic downturn or financial crisis. For now, policymakers appear committed to a more measured strategy focused on controlling inflation and maintaining macroeconomic stability.

As a result, expectations for an immediate return to large-scale monetary expansion remain limited, and global markets will continue to monitor economic data and central bank signals for clues about the next phase of policy.

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“The Treasury Has No Authority to Buy Bitcoin”

In response to questions, Bessent stated clearly and unequivocally that the U.S. Department of the Treasury does not have the authority to purchase Bitcoin using taxpayers’ money. He emphasized that such an action is not possible under the current legal framework, firmly dismissing speculation about a potential government-led “bailout plan” to prop up Bitcoin prices.

Bessent also reaffirmed the Treasury’s commitment to a strong dollar policy, noting that preserving the dollar’s status as the world’s primary reserve currency remains a top priority. Following his remarks, there was no significant movement in the dollar index, with markets largely viewing the message as already priced in. He added that while he supports the independence of the Federal Reserve, accountability should not be overlooked. Asked whether a president could dismiss a Fed official due to policy disagreements, Bessent said he is not a lawyer and that such a matter would ultimately be decided by the U.S. Supreme Court.

Tense Hearing and Political Friction

The opening portion of the session included moments of tension. Senior Democratic Representative Maxine Waters sharply criticized Bessent at one point, while New York Democrat Gregory Meeks accused him of defending former President Donald Trump’s policies. The exchanges focused heavily on economic and regulatory issues.

In response, Bessent defended the Trump administration’s growth-oriented vision of “parallel prosperity,” in which Wall Street and Main Street grow together. He described some past regulatory actions as “reflexive regulation” rather than measures that prevent crises, arguing that such policies can harm market efficiency over the long term.

Bitcoin Debate and Crypto Policy

On the crypto front, some Republican lawmakers raised the idea of selling a portion of the U.S. gold reserves to buy Bitcoin. Bessent rejected this outright, reiterating that the Treasury cannot take such action. He also described the crypto policy of the Biden era as one of “extinction.”

Overall, Scott Bessent’s comments made it clear that the U.S. government does not intend to intervene directly in Bitcoin prices and that the crypto market will continue to operate according to market dynamics. While this stance removes expectations of a state-backed Bitcoin “rescue” in the short term, it also signals that regulatory debates around crypto will remain on the agenda in the period ahead.

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A Gesture Interpreted as a “Signal” for Bitcoin

Attendees and prominent Bitcoin advocates were quick to frame Bessent’s presence as more than a casual stop. Ben Werkman, chief investment officer at Bitcoin treasury firm Strive, said he could easily look back on this moment and recognize its significance.

Nakamoto’s vice president of investor relations, Steven Lubka, described the visit as “the sign many have been waiting for.” Other well-known figures in the space — including analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, Bitcoin commentator Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell — echoed the sentiment, calling Bessent’s appearance a highly encouraging development for Bitcoin.

A Treasury Secretary Known for a Crypto-Friendly Stance

Scott Bessent has been broadly regarded as supportive of digital assets since his Treasury nomination drew attention in late 2024. He has previously emphasized the importance of positioning the United States as a global hub for digital asset innovation and expressed backing for several crypto-related bills this year, including the GENIUS Act.

In August, he also noted that the Treasury Department was exploring budget-neutral mechanisms to acquire Bitcoin for the Strategic Bitcoin Reserve — another signal of his openness to crypto.

His Visit Comes Amid Market Weakness

Bessent’s appearance coincided with a period of declining sentiment surrounding Bitcoin’s price. After setting an all-time high of $125,100 on October 5, Bitcoin slipped into a downward trend, trading around $85,500 at the time of writing.

Data from Santiment’s Sanbase platform shows the community remains divided: some expect deeper corrections toward $20,000–$70,000 levels, while others foresee a rebound into the $100,000–$130,000 range.

Growing Attention Around Pubkey

The Washington venue follows the success of its sister bar in New York City, which launched in late 2022 and captured significant local media buzz. The New York location gained national attention in September 2024 when then-presidential candidate Donald Trump made a stop there during his campaign.

For many Bitcoin supporters, Bessent’s visit reinforces a broader narrative: Bitcoin’s growing integration into mainstream culture and public life.

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Market analysts consider this movement a short-term correction and advise investors to remain prepared for volatility. The decline in Bitcoin prices coincides with global economic uncertainties and developments in US-China trade negotiations.

Critical Update on US-China Trade Talks

US Treasury Secretary Scott Bessent stated that the Trump administration aims to finalize a rare earth trade deal with China by November 27. Bessent expressed confidence that China will honor the agreement. This announcement marks a significant milestone in US-China trade relations.

The deal framework currently suspends the implementation of tariffs of up to 100% on goods imported from China. In return, China has agreed to postpone the licensing regime for rare earths and magnets throughout the year. This development is crucial for global technology and defense industries.

Rare Earths and Global Market Impact

Rare earths play a vital role in electronics, electric vehicles, and defense industries. A US-China agreement could strengthen supply chain security, providing a key reference point for technology companies and investors.

By suspending the threat of tariff hikes on critical imports, the US helps reduce global market uncertainty and ensures trade stability. The deal is expected to be completed by the end of the year.

Economic and Political Implications

Experts suggest that finalizing the deal could ease trade tensions between the US and China. Furthermore, securing a reliable supply chain for rare earths offers a critical advantage for technology companies.

Bessent stated, “I am confident that China will honor their agreements,” sending a positive signal regarding ongoing negotiations between the two nations. This statement is considered an important reference for both the US and global economy.

Key Highlights:

• Bitcoin (BTC) dropped to $94,000, down 2.08% in the last 24 hours.

• $100 million worth of long positions were liquidated in the past 60 minutes.

• US-China rare earth trade deal targeted to be finalized by November 27.

• The US suspends tariffs of up to 100% on imported goods from China.

• China agrees to postpone rare earth export licensing throughout the year.

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“Bitcoin Never Shuts Down”

As the U.S. government continues to face a partial shutdown, Bessent shared a post on X (formerly Twitter) that quickly caught the attention of the crypto community.
He wrote:

“17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down. Senate Democrats could learn something from that.”

With these words, Bessent highlighted Bitcoin’s uninterrupted functionality and subtly criticized the ongoing inefficiency within the political system.

How the Bitcoin Whitepaper Sparked a Financial Revolution

On October 31, 2008, the mysterious figure or group known as Satoshi Nakamoto introduced a new concept to a cryptography mailing list. Titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the document laid out a framework for a decentralized digital payment network that could operate without banks or intermediaries.

Just a few months later, in January 2009, the first Bitcoin block — known as the Genesis Block — was mined. What began as a small-scale experiment has since evolved into one of the most significant financial innovations in modern history.

From $0.0007 to Over $100,000: The Unmatched Rise

In Bitcoin’s earliest days, it traded for fractions of a cent. On the New Liberty Standard exchange in 2009, one BTC was valued at just $0.0007639.

Fast forward to 2025, and Bitcoin’s price sits near $109,890, marking an extraordinary 14.6 million percent increase since inception. No other asset in modern finance has ever achieved such an explosive rise in such a short period.

17 Years Later: A Network That Never Sleeps

What started as a niche idea in 2008 has grown into a global financial powerhouse. The Bitcoin network has never experienced a full shutdown — a feat few technologies or institutions can claim.

Bessent’s comment serves as a reminder that Bitcoin’s resilience goes beyond price speculation. Seventeen years after its creation, the protocol continues to operate without central control, without interruption, and without compromise — a testament to its revolutionary design and the enduring vision of its creator, Satoshi Nakamoto.

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Bessent emphasized that they are currently working on an agreement that encompasses a very solid framework. He also mentioned that significant progress has been made during multiple negotiations held in Kuala Lumpur, and that the necessary conditions for the leaders to sit at the table are being established.

Meanwhile, Donald Trump is expected to meet with China President Xi Jinping in the coming days. Trump stated that he believes an agreement will be signed during this meeting. The signing of such a deal is expected to bring some relief to the markets.

You may also find this article interesting: How Was CZ Forgiven?

What Will Be Discussed During the Meeting?

It is clear that many issues will be addressed in the talks, but some topics require particular attention and decisive actions. Examples include:

• Tariffs
• Rare Earth Minerals
• Agricultural Imports
• Fentanyl Production

According to sources such as Reuters and SCMP, the outcome of this agreement is expected to ease the pressure on global markets. The ongoing trade tension seems to be gradually giving way to stability. It appears that a potential settlement is not far off. Global markets are responding positively to the expectations surrounding the deal; however, experts emphasize that the true picture will only emerge after the final text of the agreement is revealed.

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11 Strong Contenders on the Table for Fed List

Treasury Secretary Scott Bessent told Fox News on Wednesday that there are “11 very strong candidates” under consideration for the Fed chair position, and that the vetting and shortlisting process will begin next month.

According to a CNBC report dated August 13, the list includes Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Chris Waller, Fed Vice Supervision Chair Michelle Bowman, and former Fed Governor Larry Lindsey.

Other notable names include former Bush administration economic adviser Marc Sumerlin, Jefferies chief market strategist David Zervos, and BlackRock’s Global Fixed Income CIO Rick Rieder.

Interest Rates and Crypto Market Impact

The Federal Reserve’s monetary policy plays a pivotal role in shaping global market sentiment. Lower interest rates typically boost liquidity and drive investors toward riskier assets — including Bitcoin and altcoins. In contrast, higher rates usually lead to capital outflows from volatile assets like crypto.

BlackRock’s Rieder: “Bitcoin Is Here to Stay”

Among the candidates, Rick Rieder stands out for his consistent pro-crypto stance.

In early 2024, he told the Wall Street Journal that Bitcoin could “become a big part of the asset allocation framework” and that people will gradually become more comfortable with it over time.

Back in 2020, Rieder told CNBC that Bitcoin and cryptocurrencies are “here to stay,” emphasizing that younger generations’ openness to digital assets and technology is undeniable. Today, BlackRock manages the largest Bitcoin and Ethereum ETFs in the market.

Waller and Bowman Signal Openness to Crypto

Two other candidates, Chris Waller and Michelle Bowman, have also shown crypto-friendly attitudes.

On August 20, Bowman suggested that Fed staff should be allowed to invest small amounts in crypto, arguing it would provide them with a better working knowledge of the underlying technology.

A day later, Waller noted that the banking sector had “nothing to fear” from crypto payments operating outside the traditional system, framing it as simply “a new technology for transferring and recording transactions.”

FED Powell’s More Cautious Approach

Outgoing Chair Jerome Powell has addressed crypto several times but with more caution. In June, he stated that cryptocurrencies had become more mainstream and that banks were expected to increase their engagement with the sector.

However, in December, he clarified that he viewed Bitcoin more as a competitor to gold rather than the U.S. dollar.

Jefferies’ Growing Crypto Ties

Another candidate, David Zervos of Jefferies, comes from a firm that has been heavily involved in crypto-related ventures. Jefferies has supported the IPOs of eToro, Circle, Bullish, and Figure, while also backing Michael Saylor’s Bitcoin acquisition strategy at an early stage.

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What the FOMC Minutes Reveal?

On August 20, the Federal Open Market Committee (FOMC) released its July meeting notes, highlighting concerns about new tariffs potentially fueling U.S. inflation. Policymakers debated whether tariffs would cause a short-term price shock or a longer-lasting inflationary cycle, but no consensus was reached.

Most governors agreed to keep rates steady in the 4.25%–4.5% range, prioritizing price stability even though unemployment saw a slight decline.

The Biggest Disagreement in Decades

Bowman and Waller’s stance to cut rates created notable friction within the central bank. Bowman argued that if temporary tariff effects are excluded, inflation is already near target — while the labor market is clearly slowing. She added that high rates were dragging down economic growth in 2025 and risked fueling unemployment.

Pressure on Jerome Powell

Trump’s attacks on Fed Chair Jerome Powell have been ongoing. On social media, he repeatedly insulted Powell and even floated the idea of removing him from office. However, as the Fed is an independent institution, firing Powell would require Supreme Court involvement. His current term ends in May 2026.

Who Could Replace Powell?

As Powell’s term nears its end, speculation over his successor is heating up. Former St. Louis Fed President James Bullard confirmed discussions with Treasury Secretary Scott Bessent, noting that rates should be cut by 100 basis points in 2026. While aligned with Trump’s stance, Bullard stressed the importance of maintaining the Fed’s independence.

Another strong candidate is Christopher Waller, who already voted for a rate cut and is praised for his accurate inflation forecasts. Other names include National Economic Council head Kevin Hassett, former Fed governor Kevin Warsh, and economist Marc Sumerlin — all critics of the Fed’s high-rate policy.

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Bessent initially stated the U.S. would not make further Bitcoin purchases for its Strategic Reserve. Shortly after, he revised his remarks, creating market uncertainty. This caused a sudden wave of sell-offs. Coinglass data shows long positions suffered the most losses during this period. 

Ethereum and Bitcoin Lead Crypto Liquidations 

Ethereum’s liquidation dominance drew significant attention. Analysts link the losses to ETH’s recent surge toward all-time highs. Bitcoin briefly surpassed $124,000 before dropping below $120,000. Solana and XRP also recorded notable liquidations. This highlights the market’s sensitivity to government announcements. 

Bessent’s Strategic Reserve Remarks Impact Markets 

Bessent confirmed the government will halt all BTC sales and explore budget-neutral ways to expand the reserve. This marks a shift from prior administrations’ policies. Moreover, it aligns with the 2025 Strategic Bitcoin Reserve initiative launched under President Trump. Bessent also referenced broader asset management, including gold reserves. The U.S. holds 261.5 million ounces of gold, valued at $42.22 per ounce under the 1973 standard. 

These updates may ease medium-term supply pressure on BTC. However, large intraday liquidations increased short-term volatility. The crypto market remains highly responsive to top-level government decisions. 

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“No Single Data Point Panic” Warning on Inflation

Scott Bessent emphasized that no single inflation figure should lead to hasty conclusions, stating that “the trend matters.” He underlined that inflation is not currently accelerating. However, according to Reuters, annual consumer inflation rose to 2.7% as of June (with core inflation at 2.9%). This level is above the Fed’s 2% target, but as Bessent pointed out, the overall trend appears resilient.

Confidence in Powell and Leadership Transition

Scott Bessent highlighted that President Trump has reiterated several times that he will not remove Powell from office: “Trump will not fire Powell.” He also announced that the formal process of searching for Powell’s successor has begun, saying “there are strong candidates both within and outside the Fed.” According to BofA analysis, Bessent himself is currently considered the leading candidate with a 26% likelihood.

Highlighting the Fed’s Forecasting Errors

Scott Bessent also pointed out previous misjudgments made by the Fed: “There were major forecasting errors, and they may occur again in this cycle.” These remarks support the Fed’s current cautious stance. Last week, Bessent stated that the Fed may initiate a rate cut as early as September. The current federal funds rate is in the 4.25–4.50% range. Bloomberg also reported that Powell noted the possibility of easing based on incoming data.

You may also be interested in this article: Trump to Unveil AI Strategy on July 23!

Cautious Tone in U.S.–China Dialogue

Bessent stated that the U.S.–China relationship is “in a good place” and announced plans to meet his Chinese counterpart within the next two weeks. AP News reports that this meeting is expected to be a continuation of the high-level talks held in Geneva.

No Need to Worry About August 12 Markets

Scott Bessent criticized market fixation on specific calendar dates, saying “there’s no need to worry about what’s coming on August 12; we won’t rush any deals under market pressure.” This approach helps reinforce investor confidence.

In light of these themes, the overall structure indicates that inflation risk, interest rate expectations, Powell’s future, the Fed’s independence, the U.S.–China balance, and even market stability were all addressed by the Treasury Secretary.

• Inflation Risk: June inflation rose to 2.7%, but due to temporary stock-related shocks, the Fed continues to monitor the broader trend. This has led to a “wait and see” approach for September.

• Interest Rate Expectations: Bessent’s remarks have strengthened market anticipation for a rate cut in September. Field data reflects expectations of a 100–125 basis point reduction by late October.

• Powell & Independence: Trump’s reassurance that “he won’t fire Powell” and the initiation of a formal selection process for a successor is viewed as a positive signal for preserving the Fed’s independence. BofA surveys show that Bessent, Warsh, and Waller are considered strong candidates.

• U.S.–China Balance: Strengthening diplomatic engagement may reduce uncertainty in both trade and technology sectors. AP data suggests this meeting will mark a significant step toward renewed cooperation between China and the U.S.

• Market Stability: The August 12 reference sends a “no panic” signal to financial players. This stance could reduce volatility and enhance stability in capital flows.

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