The post Treasury Secretary Scott Bessent hints at future US Bitcoin reserve acquisition plans appeared on BitcoinEthereumNews.com.

U.S. Treasury Secretary Scott Bessent suggested today that the federal government may expand its Bitcoin reserves beyond seizures by developing budget-neutral acquisition strategies. Bessent emphasized the importance of halting the sale of seized Bitcoin, asserting that retaining digital assets could enhance U.S. global financial leadership. Appearing on CNBC’s Squawk Box, the Treasury Secretary confirmed that the current U.S. Bitcoin holdings, valued at approximately $17 billion, originated primarily from seized criminal assets. Of this, initial seizures accounted for roughly $500 million, with appreciation fueling the significant increase in value. “The first thing to do is to put It’s to stop the selling. So… after the victims are paid and all of that… any seized assets will go into this reserve, and then… we’ll see what the way forward is for more acquisitions for the reserves. And… we’re starting with Bitcoin, but it’s an overall crypto reserve.” Bessent’s remarks followed President Trump’s executive order creating a strategic Bitcoin reserve, explicitly instructing agencies to retain confiscated Bitcoin rather than liquidate it. This order prompted disappointment in the market, as many anticipated direct government purchasing of Bitcoin, leading to a short-term decline in Bitcoin’s price. The industry initially expected the executive order to include a proactive acquisition plan, reminiscent of Senator Cynthia Lummis’s 2024 proposal to strategically buy and hold Bitcoin as a long-term investment to reduce the national debt. The absence of such an explicit buying strategy sparked uncertainty among investors. Will the US buy Bitcoin? Bessent clarified that the administration intends to establish a structured approach to maintaining and potentially expanding this crypto reserve but stressed taxpayer funds would not finance Bitcoin acquisitions directly. However, when Squark Box co-host Andrew Ross Sorkin asked how further Bitcoin acquisitions would be undertaken, Bessent remained elusive, stating, “The first step is to stop selling. And…

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Filed under: News - @ March 7, 2025 2:23 pm