Scott Bessent, the current U.S. Treasury Secretary has clarified that the Donald Trump administration is keen on implementing a strategic Bitcoin (BTC) reserve (SBR). Bessent noted via an X post that the United States will build an SBR from the $15 billion to $20 billion BTCs forfeited to the federal government.
The recent remarks follow his earlier comments during an interview on Thursday with FOX Business, during which he stated that the United States will not be buying any Bitcoin. Bessent clarified that the U.S. is exploring budget-neutral options to acquire more Bitcoins for the SBR.
“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,” Bessent noted.
Senator Cynthia Lummis responded to Bessent’s comments on the SBR and said that she has the right bill for that purpose. Senator Lummis said that the United States government cannot solve its $37 trillion debt crisis through direct Bitcoin purchases.
However, Senator Lummis suggested that the country can revalue its gold reserves to today’s prices and rebalance the surplus to strengthen the SBR. Moreover, Senator Lummis said that the country needs a budget-neutral path to build its SBR, which includes enacting the Bitcoin Act soon.
The demand for Bitcoin as a hedge against inflation by nation-states has escalated the existing supply vs demand shock. Already, the BTC demand from institutional investors, as evident by the corporation’s treasury strategy and spot BTC ETFs, has triggered the ongoing macro bullish outlook.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The government of Bermuda, under Premier David Burt, has inked a strategic partnership with Coinbase…
XRP price opened the year with a sharp rally of over 20%, outpacing larger majors…
The chief executive of Canary Capital said XRP should no longer be judged as a…
In recent weeks, the price of Bitcoin has been facing intense volatility as sellers dominate…
The cryptocurrency market moved lower on Monday, with total market value falling about 2.4% to…
The Bitcoin price is jiggling around $93,000 after marking an intraday low below $92,000, which…
