In stark contrast to the statements made 24 hours earlier, U.S. Treasury Secretary Scott Bessent now says that the federal government is committed to exploring ways to purchase more Bitcoin for its strategic Bitcoin reserve.
In a post on X (formerly Twitter), Bessent wrote:
"The Bitcoin that will eventually be seized by the federal government will form the basis for the strategic Bitcoin reserve created by President Trump in an executive order in March.
This change comes less than a day after Bessent told Fox Business that the U.S. has no plans to buy more Bitcoin, but relies only on seized assets. At that time, he said:
We will not buy this... We will use the mortgaged property and continue building it. We will not sell it.
The previous stance disappointed cryptocurrency investors, as many saw government purchases as a potential catalyst for rising prices. The new message seems to open the door for government purchases, although Bessent confirmed that any purchases would be "budget-neutral," referring to potential funding sources such as asset redistribution, rather than new spending.
Estimates suggest that the U.S. government holds $24.27 billion in seized Bitcoin. Cryptocurrency markets fell after Scott Bessent's earlier remarks dampened hopes of Bitcoin purchases in the U.S., leading to a loss of recent gains. The price of Bitcoin dropped from over $124,000 to around $117,000, followed by altcoins.
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