US Treasury Secretary Scott Bessent has caused confusion after remarks that seemed to rule out buying more Bitcoin
$117,229.64
.
In an interview with FOX Business on August 14, he said, “We’re not going to be buying that”, when discussing the Strategic Bitcoin Reserve.
Many took this as a decision to avoid further purchases, which led to a drop in Bitcoin’s price.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Fantom? | Animated FTM Explainer
Later, Bessent clarified his position in a post on X that the Treasury is still considering ways to add Bitcoin to the reserve without raising government spending.
These “budget-neutral pathways” are part of President Donald Trump’s aim for the US to become a major Bitcoin power.
Bessent explained that Bitcoin seized in legal cases would make up the core of the reserve. This existing supply would be kept and gradually increased over time.
In his FOX Business appearance, he repeated that direct Bitcoin buying was not currently planned, but the government would continue to add confiscated coins to its holdings.
He also described the reserve as part of “getting into the 21st century”, even if it would be built mainly from seized assets for the time being. He estimated the current federal Bitcoin stash to be worth between $15 billion and $20 billion at today’s prices.
Recently, Bitcoin Indonesia, a local crypto advocacy group, shared that Indonesia’s government is considering using Bitcoin as part of its national reserves. What did they say? Read the full story.
