Bad News from the US Treasury Secretary Regarding the US Sovereign Wealth Fund, Which Was Reportedly Planning to Purchase Bitcoin Too

US Treasury Secretary Scott Bessent announced that the sovereign wealth fund plan launched at the behest of President Donald Trump has been suspended. “The sovereign wealth fund plan is on hold until we deal with all other issues,” Bessent said, announcing the government’s changing priorities. It was said that the fund, which will be affiliated with the US government, could invest in cryptocurrencies including Bitcoin. Bessent also announced that several major trade deals are expected to be completed in the next few weeks. Related News: Watch Out: Binance’s Altcoin Network BNB Chain Foundation Has Purchased These 4 Altcoins Trump had called for the U.S. to establish its own sovereign wealth fund in an executive order he signed on Feb. 3. The order instructed the Treasury Department and the Commerce Department to prepare a plan for the fund’s financing mechanisms, investment strategies, structure and governance model within 90 days. “We will create a great fortune for the fund,” Trump said in a statement that day. However, this ambitious plan has caused controversy in economic circles. Renowned economist Peter Schiff called the plan “absurd” and “unconstitutional,” while Robeco’s Colin Graham argued that such a fund was not economically sustainable due to the high level of the U.S. national debt ($36.22 trillion). Critics say the creation of the fund is a misplaced financial priority for a country with no national savings. Trump has suggested the fund could be financed through “smart” means, such as tariffs, but no specific source has yet been provided. *This is not investment advice. Continue Reading: Bad News from the US Treasury Secretary Regarding the US Sovereign Wealth Fund, Which Was Reportedly Planning to Purchase Bitcoin Too

Source: BitcoinSistemi