Bessent Clarifies US Bitcoin Plans, Says Treasury Buys Will Be Budget Neutral
Main Idea
Treasury Secretary Scott Bessent clarified that the US government will not buy Bitcoin outright for its Strategic Bitcoin Reserve but will instead use confiscated coins, aiming to align with broader economic goals of sovereignty and modernization.
Key Points
1. The US Treasury plans to develop a Bitcoin reserve but will not purchase coins directly, instead utilizing confiscated Bitcoin.
2. The current reserve, established under a March executive order by President Trump, is valued between $15 billion and $20 billion.
3. Bessent emphasized exploring budget-neutral pathways to support the Strategic Bitcoin Reserve.
4. Bitcoin's price briefly hit $124,000 before reversing due to inflation fears, reflecting market sensitivity to policy and economic conditions.
5. The Treasury's approach aims to balance Bitcoin adoption with broader economic messages of sovereignty and modernization.
Description
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. Speaking on Fox News on Thursday, 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 t...
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