Treasury Secretary Scott Bessent has changed his earlier comments on Bitcoin strategy, potentially opening the door for new crypto purchases.
Treasury Secretary's Clarification
On Thursday, Bessent initially stated that the Treasury "would not be buying" Bitcoin for the reserve, prompting criticism from the crypto industry. He later clarified on X that "Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order."
History of the Bitcoin Reserve
According to Bessent, the Treasury is exploring budget-neutral ways to acquire more Bitcoin to grow the reserve, aiming to make the U.S. a "Bitcoin superpower of the world." Trump's March executive order created the Strategic Bitcoin Reserve, separate from the broader digital asset stockpile holding Ethereum, Solana, XRP, and Cardano.
Cryptocurrency Community Reaction
Bessent noted that the U.S. currently holds $15-20 billion in Bitcoin, primarily from seized funds. This announcement sparked debate in the crypto community, with some accusing Washington lobbyists of misrepresenting the initiative. Bitcoin’s price remained steady near $119,098 on Thursday, down 3.63% from its $124,000 peak the previous day.
This move demonstrates the changing crypto policy of the Trump administration and its efforts to increase American influence in the international cryptocurrency market.
