Bad news came from the U.S. Secretary of the Treasury for the U.S. Sovereign Wealth Fund that is said to buy Bitcoin!

U.S. Treasury Secretary Scott Bessent announced that the sovereign wealth fund plan initiated by President Donald Trump has been suspended.

Bessent announced that "The sovereign wealth fund plan has been put on hold until all other issues are addressed," indicating a shift in the government's priorities.

It was said that the fund, which will be linked to the US government, could invest in cryptocurrencies including Bitcoin.

Bessent also announced that many large trade agreements are expected to be completed in the coming weeks.

Trump had requested the establishment of the U.S. sovereign wealth fund with the presidential decree he signed on February 3. The decree instructed the Treasury Department and the Commerce Department to prepare a plan within 90 days regarding the fund's financing mechanisms, investment strategies, structure, and governance model. In a statement made that day, Trump said, "We will create a great fortune for the fund."

However, this ambitious plan had sparked debates in economic circles. Famous economist Peter Schiff described the plan as "absurd" and "unconstitutional," while Colin Graham from Robeco argued that such a fund was not economically sustainable due to the high national debt level of (36.22 trillion dollars).

Critics indicate that the establishment of this fund points to a misalignment of financial priorities for a country without national savings. In contrast, Trump had suggested that the fund could be financed through "smart" means like customs duties; however, no concrete source has yet been provided.