The US government is considering acquiring Bitcoin and other cryptocurrencies for a strategic reserve, according to Treasury Secretary Scott Bessent.
This development follows a White House crypto summit where industry leaders met with former President Donald Trump to discuss a shift from the strict regulatory stance of the previous administration.
In a CNBC Squawk Box interview, Bessent revealed that before accumulating Bitcoin, the government must halt its sales of seized BTC. Currently, around $500 million worth of Bitcoin has been confiscated, with half already sold. The remaining assets will be redirected to the reserve after victim repayment obligations are met.
While Bitcoin is the initial focus, Bessent hinted at a broader crypto reserve strategy. Trump’s recent executive order mandates federal agencies to retain confiscated BTC rather than liquidate it, though there is no concrete plan for government-led Bitcoin purchases.
Some industry figures had anticipated a more aggressive acquisition strategy akin to Senator Cynthia Lummis’s proposal to reduce national debt through Bitcoin holdings.
Despite concerns, Bessent assured that taxpayer funds would not be used for acquisitions, though he did not clarify alternative funding methods. As the administration refines its strategy, the crypto community awaits further updates on how the reserve will be managed and expanded.
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