Key Takeaways
- The US government is evaluating plans to establish a Strategic Bitcoin Reserve.
- Treasury Secretary Scott Bessent emphasizes the need to stop selling seized Bitcoin before expanding the reserve.
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Treasury Secretary Scott Bessent said Bitcoin acquisition plans are in discussion and the government will evaluate the path forward. Speaking on CNBC’s Squawk Box on Friday, Bessent shared his perspective on President Trump’s recent order to establish a Strategic Bitcoin Reserve, alongside the tariffs policy and more.
“Generally, I’m a big proponent of the US taking the worldwide lead in crypto,” Bessent said. “I think we have to bring it onshore…use best practices and regulations.”
Addressing the rationale for forming the Bitcoin reserve, Bessent said the first step is to halt sales of seized Bitcoin before making additional acquisitions.
“I think the Bitcoin reserve, before you can accumulate it, you have to stop selling it,” he stated.
“What we have now is from a seized asset pool. I believe what happened was about 500 million dollars of Bitcoin was seized, half of it was sold,” Bessent added.
After addressing victim repayment obligations, the remaining seized assets will be directed to the reserve, according to Bessent. He added that the Treasury will then evaluate strategies for additional acquisitions.
“And then we’ll see what the way forward is for more acquisitions for the reserve,” Bessent said.
While Bitcoin is the initial focus, Bessent noted the initiative has a broader scope.
“We’re starting with Bitcoin, but it’s an overall crypto reserve,” he added.
When asked about the financial implications of the US government acquiring Bitcoin, especially given that the country does not run a surplus, Bessent reiterated that the priority is to stop selling seized Bitcoin before making any new acquisition plans.
“That’s why the first step is to stop selling, and then we’re going to put a plan in place from there,” he said, noting that officials and experts will discuss the next steps at the White House Crypto Summit in a few hours.
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