- Nate Geraci called it “wild” that Treasury Secretary Scott Bessent praised Bitcoin’s resilience amid a U.S. shutdown.
- Bessent’s post marking Bitcoin’s 17th anniversary tied the network’s uptime to Congress’s ongoing funding deadlock.
- Analysts expect Bitcoin to rebound in November, with ETF inflows projected between $10 billion and $15 billion.
ETF analyst Nate Geraci commented on U.S. Treasury Secretary Scott Bessent’s public praise of Bitcoin’s endurance. Geraci described the moment as “wild,” noting that someone responsible for managing the nation’s finances was openly highlighting Bitcoin’s resilience.
The comments followed Bessent’s post on X marking the 17th anniversary of Bitcoin’s white paper, where he described the network as “more resilient than ever” and added a political jab at Senate Democrats, saying, “Bitcoin never shuts down.
Senate Democrats could learn something from that.” His statement arrived during a partial government shutdown that has left hundreds of thousands furloughed and key federal agencies operating with limited staff.
Bitcoin Anniversary and Political Undercurrent
Bessent’s post came on October 31, the date the Bitcoin white paper was released by Satoshi Nakamoto in 2008. The nine-page document introduced a peer-to-peer electronic cash system that has operated continuously since January 2009.
His remarks linked Bitcoin’s uptime with government dysfunction, adding a political edge to what is typically a technical anniversary. The comments were quickly seized upon by crypto traders and political observers, many viewing them as both a celebration of technology and a partisan critique.
The reaction extended beyond Washington. Bitcoin advocate and Strive director James Lavish urged followers to “pay attention,” describing Bessent’s words as a market cue. Meanwhile, long-time Bitcoin developer Luke Dashjr countered that the network is “weaker than ever,” referring to internal disputes over recent software updates. Researcher Eric Wall responded sarcastically, referencing long-standing debates about Bitcoin’s technical direction.
Market and Policy Circles React
The timing of Bessent’s comments drew attention from analysts tracking crypto policy. His past remarks have already influenced market sentiment. In August, he acknowledged that the government holds fewer Bitcoin than previously estimated, briefly unsettling traders.
He later clarified that the Treasury remains committed to building a Strategic Bitcoin Reserve through “budget-neutral pathways,” reaffirming President Donald Trump’s goal of positioning the U.S. as a global crypto leader.
That stance has since aligned with broader federal messaging. In July, Bessent described stablecoins as “a revolution in digital finance,” following Trump’s signature on the GENIUS Act. Treasury’s statement said digital rails could strengthen the dollar’s global role while expanding payment access.
Traders Eye November as Bitcoin Struggles to Recover
Bitcoin ended October below $126,000 after failing to hold record highs, with traders now anticipating renewed momentum in November. Analysts at Bitfinex expect inflows between $10 billion and $15 billion into exchange-traded funds, projecting prices near $140,000 if conditions hold. They described October as a period of resilience, noting that ETFs and a dovish Federal Reserve could sustain gains through year-end.
Bessent’s latest comments, positioned between a government shutdown and an evolving crypto policy framework, ensured Bitcoin stayed central to both financial and political conversations heading into November.
