Bitcoin has experienced significant volatility this week, plummeting by $10,000 within hours as “panic” erased the gains it had accrued after U.S. president Donald Trump’s 2024 election victory. The bitcoin price surged to $60,000 per bitcoin, a significant drop of over 50% from its October 2025 peak of $126,000. However, it quickly rebounded, climbing back above $70,000 within just 24 hours, fueled by intense speculation in the Chinese crypto market, ignited by U.S. Treasury Secretary Scott Bessent. As concerns mount over a potential crash in bitcoin prices, Jim Cramer has ignited “wild” speculation that the Trump White House may have seized the opportunity to buy the dip. “I heard at $60,000, [Trump] is going to fill the bitcoin reserve,” Cramer said live on air in a clip that has since gone viral, referring to Trump’s U.S. bitcoin strategic reserve created with an executive order last year, currently stocked with bitcoin seized by U.S. law enforcement. “You better cover, this is the level,” Cramer stated. “That would be a significant development,” one of Cramer’s cohosts remarked. “This is wild,” said Pete Rizzo.
The bitcoin price reached $60,000 per bitcoin, a decline of over 50% from its October 2025 high of $126,000, before surging back to surpass $70,000 just 24 hours later, fueled by intense speculation in the Chinese crypto market ignited by U.S. Treasury Secretary Scott Bessent. As concerns mount over a potential plunge in bitcoin prices, Jim Cramer has ignited “wild” speculation that the Trump White House may have seized the opportunity to buy the dip. The identical Cramer clip was circulated by the X crypto and finance news outlet, Watcher.Guru has garnered over 1.1 million views, with a third crypto commentary account labeling the clip as “massive” and “bullish.” “Jim Cramer claims he was told Trump admin was buying bitcoin for the U.S. strategic reserve during this week’s crash,” Shay Boloorv posted.
Despite the recent surge in bitcoin prices from their lows this week, there remains a notable absence of any official statement regarding the U.S. bitcoin strategic reserve. Officials have consistently emphasized that any additions will be made in a “cost-neutral” manner, ensuring there is no financial burden on taxpayers. This week, U.S. Treasury Secretary Scott Bessent informed lawmakers that the government lacks the authority to “bail out bitcoin.” This statement came in response to California Democrat Representative Brad Sherman, who inquired whether Bessent could “order banks to buy bitcoin or to invest U.S. tax dollars in bitcoin or Trump coin.” Bessent said “I am secretary of the Treasury, I do not have the authority to do that, and as chair of [Financial Stability Oversight Council], I do not have that authority,” adding later that the Treasury is retaining bitcoin that’s been seized.
Bessent confirmed during the hearing that the seized bitcoin held by the U.S. government has appreciated in value. “Of that $1 billion in bitcoin that was seized, $500 million was retained, and that $500 million has become over $15 billion,” he stated. The bitcoin price and crypto crash this week, occurring alongside a broader sell-off in the stock market, gold, and silver, has been highlighted by the Democratic Party as evidence that Trump’s bitcoin and crypto strategy is faltering. However, the White House has stated it remains dedicated to its crypto agenda. “Volatility in a free market in which the government does not set prices is not going to change the Trump administration’s commitment to ensuring American dominance in cryptocurrency and other cutting-edge technologies of the future,” Kush Desai told.