Clarification eases fears after earlier comments rattled crypto markets
The US Treasury Department has clarified that it is still exploring budget-neutral methods to acquire Bitcoin for its planned Strategic Bitcoin Reserve, reversing market fears triggered by earlier remarks from Treasury Secretary Scott Bessent.
Bessent stated on X that the department remains committed to expanding Bitcoin holdings without increasing taxpayer costs, aligning with the administration’s vision to make the United States a “Bitcoin superpower.” He confirmed that Bitcoin seized in federal criminal cases would form the foundation of the reserve.
“Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin… to execute on the President’s promise,” Bessent said.
The clarification came just hours after Bessent told FOX Business, “We’re not going to be buying [Bitcoin], but we are going to use confiscated assets,” a statement that triggered a rapid sell-off. Within 40 minutes, Bitcoin’s market cap fell by nearly $55 billion, with prices dropping from $121,073 to $118,886, according to market data.
The Strategic Bitcoin Reserve was authorized under a March 6 executive order, which also created a Digital Asset Stockpile. Both would start with confiscated crypto but allow for budget-neutral purchases through measures such as re-evaluating gold certificates or using tariff revenue.
However, purchasing Bitcoin under this framework may require congressional approval, a process that could delay implementation. US Senator Cynthia Lummis has urged Congress to advance the BITCOIN Act to address this.
US to Stop Selling Bitcoin Holdings
Bessent also confirmed that the government will no longer sell its Bitcoin, estimating the current reserve’s value at $15 billion to $20 billion. Independent trackers suggest the US holds 198,012 BTC, valued at approximately $23.5 billion.
“We’re going to stop selling,” Bessent told FOX Business.
This signals a significant shift toward long-term Bitcoin accumulation — a move that could influence global adoption trends and strengthen the US position in the digital asset market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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