US Treasury Secretary Scott Bessent Clarifies Stance on Strategic Bitcoin Reserve
Treasury Secretary Scott Bessent has walked back earlier remarks that the US would not acquire BTC for its Strategic Bitcoin Reserve, a shift that has left the policy direction murky. In a recent interview on Fox News, Bessent told anchor Maria Bartiromo that while Washington intends to develop a reserve “to get into the 21st century,” it will not be buying coins outright. Instead, the government plans to use confiscated Bitcoin and stop liquidating those holdings.
“We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” he said. “We’re going to stop selling that.” He estimated the value of the current reserve at between $15b-$20b US dollars. This move is seen as a significant shift in the administration’s approach to cryptocurrency, with many experts weighing in on the potential implications.
Bessent Moves to Reassure on Strategic Bitcoin Reserve Approach
Later in the day, Bessent appeared to soften his stance. In an X post, he said Bitcoin forfeited to the federal government will serve as the foundation of the reserve established under President Donald Trump’s March executive order. He added that the Treasury is “committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world.’”
This clarification has sparked confusion among market observers and political critics, with many questioning the administration’s true intentions. The Trump administration has shifted positions on crypto policy before, with the initiative initially focused on a dedicated Bitcoin stockpile before expanding to include other tokens such as Ethereum, Solana, XRP, and Cardano.
Bitcoin Hits $124k Before Reversing on Inflation Fears
The clarification came on the same day Bitcoin surged to a record high above $124,000 before quickly reversing. The milestone showed how sentiment around policy can move in step with broader financial conditions. According to Doug Colkitt, a founding contributor at Fogo Chain, the new peak showed “how much momentum and liquidity were building in risk assets ahead of the PPI print.” However, he warned that the reversal shows that “even the strongest crypto rallies remain tethered to macro forces, especially when inflation surprises force investors to rethink rate-cut timelines.”
For Bessent, the balancing act is clear. He must show the administration is serious about building a Bitcoin reserve without rattling financial markets or opening the government to accusations of reckless spending. His repeated clarifications reflect the political sensitivity of the issue, as well as the administration’s deep ties to a broader economic message of sovereignty and modernization.
Read more about the US Treasury Secretary’s stance on Strategic Bitcoin Reserve purchases and the administration’s crypto policy at https://cryptonews.com/news/scott-bessent-bitcoin-reserve-purchases-budget-neutral/
