U.S. Treasury Secretary Scott Bisent confirmed that the department is currently exploring budget-neutral strategies for purchasing Bitcoin and adding it to the country’s strategic reserve. These statements come after some media interpreted previous remarks as indicating a cancellation of the plan, which led to a significant decline in Bitcoin's price at that time.
Bisent explained that the Treasury's goal is to expand the digital reserve and achieve President Donald Trump's vision of making the United States a global leader in Bitcoin. The reserve will primarily be based on Bitcoin that has been confiscated for the benefit of the federal government.
Despite these clarifications, the price of Bitcoin remains volatile, currently trading at around $118,500. Experts in the field have expressed frustration over the slow execution of the strategy; Eli Nagar, CEO of Bitcoin mining company Braiins, has called for urgent action, while Max Keiser, Salvador's Bitcoin advisor, criticized the prolonged exploration period.
It is worth noting that the department has been considering budget-neutral strategies for five months, following President Trump’s executive order on March 6 to establish a strategic reserve for Bitcoin and a stock of digital assets, using coins confiscated in criminal cases. This legal framework also allows for the purchase of more Bitcoin without imposing any additional costs on taxpayers. However, the latest report from the Digital Assets Working Group did not provide any significant updates on the implementation of these strategies.
Potential options for managing purchases in a budget-neutral manner include re-evaluating the Treasury's gold certificates and using customs revenue. One of the main obstacles on this path is the need for congressional approval, as noted by U.S. Senator Cynthia Lummis, who called for consideration of the Bitcoin bill she introduced in March.
For his part, Bisent confirmed that the United States will not sell its current Bitcoin holdings, noting that the strategic reserve of Bitcoin is currently estimated between $15 and $20 billion, while BitBo data indicates that the United States owns 198,012 Bitcoins with a total value of approximately $23.5 billion.
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