US Government and Bitcoin: A Love Story?

US Treasury Secretary Scott Bessent has revealed the US government is evaluating plans to acquire cryptocurrency, including Bitcoin, for a US strategic reserve. 🧐

Industry leaders met Donald Trump at the first-ever White House crypto summit, discussing the path forward and rolling back the aggressive regulatory stance adopted during the Biden administration.

Bitcoin Acquisition Plans In Discussion 

US Treasury Secretary Scott Bessent has revealed that Bitcoin acquisition plans are being discussed, and the government will evaluate the plan moving forward. Bessent shared his views in an interview on CNBC’s Squawk Box, and discussed President Trump’s recent order to establish a strategic Bitcoin reserve. Bessent stated, 

“Generally, I’m a big proponent of the US taking the worldwide lead in crypto. I think we have to bring it onshore using best practices and regulations.”

He also addressed the rationale behind creating the Bitcoin reserve, adding that the first step is to halt the sale of the seized Bitcoin before making additional acquisitions. 

“I think the Bitcoin reserve, before you can accumulate it you have to stop selling it. What we have now is from a seized asset pool. I believe what happened was that about 500 million dollars of Bitcoin was seized, and half of it was sold.”

Bessent stated the remaining seized assets would be redirected to the reserve after victim repayment obligations were met. The Treasury would then evaluate strategies for additional acquisitions. 

“And then we’ll see what the way forward is for more acquisitions for the reserve.”

Bitcoin (BTC) Not The Only Asset In Reserve

Bessent stated that white Bitcoin (BTC) is the initial focus of the reserve, it has a far broader scope, adding, 

“We’re starting with Bitcoin, but it’s an overall crypto reserve.”

Bessent’s remarks come after President Donald Trump signed an executive order to create a strategic Bitcoin reserve, instructing agencies to retain confiscated BTC instead of liquidating it. The order left many in the crypto ecosystem disappointed, as many expected the government to purchase Bitcoin directly. The industry also expected the executive order to include a proactive acquisition plan, similar to Senator Cynthia Lummus’s proposal to strategically buy and hold Bitcoin as a long-term investment to reduce the national debt. However, the absence of such a buying strategy has sparked unrest among investors. 

Will The US Buy Bitcoin?

Bessent stated the Trump administration intends to take a structured approach to maintain and expand the reserve. He also said no taxpayer funds would be used to finance acquisitions. However, he did not elaborate on how further Bitcoin acquisitions will occur. 

“The first step is to stop selling. And then we’re going to put a plan in place from there. I’m going back to Washington this afternoon, and then we’ll talk about the way forward.”

Squawk Box co-host Andrew Ross Sorkin stated there seems to be no current plan for Bitcoin purchases. 

“Do you know of a way that they could [buy

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2025-03-08 15:57