Treasury Secretary Scott Bessent stated that the government does not plan to purchase Bitcoin but is working on establishing a strategic reserve. This statement comes amid growing doubts and criticism regarding the actual cryptocurrency holdings.
U.S. Crypto Reserve: Officials' Stance
Scott Bessent spoke on Fox Business, noting that the total amount of Bitcoin in the government's possession may be less than 30,000 BTC, significantly lower than the previously claimed 200,000 BTC. "We have started a Bitcoin strategic reserve," Scott said, triggering a debate among politicians, including Senator Cynthia Lummis, who raised concerns over the situation.
Transparency Issues and Consequences
David Sacks, who claimed the 200,000 BTC figure, did not provide adequate proof. Current estimates from Bitcoin Treasuries put the reserves at over 198,000 BTC, equivalent to $23 billion. However, this figure includes both forfeited and legally returned Bitcoins, complicating the situation. Amid this uncertainty, crypto advisor Bo Hines resigned from his position.
Trump's Plans for Fed Leadership
Scott also discussed the Trump administration's plans for the future Federal Reserve leadership. Candidates to replace Jerome Powell, whose term ends in May, are being considered, including David Zervos and Rick Rieder, known for their views on monetary policy. Scott indicated significant changes and clarifications in the Federal Reserve's structure are anticipated.
Amid confusion over Bitcoin reserves and expected reforms in the Federal Reserve, the U.S. government continues to develop its crypto strategy. This raises interest and questions among politicians and the economy.
