Treasury Secretary Discusses Bitcoin Reserve Plans

Treasury Secretary Scott Bessent stated that the government is discussing plans for Bitcoin acquisition. He spoke about this on CNBC’s Squawk Box on Friday, sharing insights on President Trump’s recent directive
to create a Strategic Bitcoin Reserve alongside existing tariffs and policies.

> “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.”

Regarding the rationale behind forming the Bitcoin reserve, Bessent noted that the first step is to halt sales of previously seized Bitcoin before pursuing new acquisitions.

> “I think the Bitcoin reserve, before you can accumulate it, you have to stop selling it,” he stated.

Bessent explained that the current reserve consists of seized assets, revealing that about $500 million worth of Bitcoin was seized, with half of it sold off. After fulfilling victim repayment obligations, any remaining seized assets will contribute to the reserve, while the Treasury will explore further acquisition strategies.

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

While Bitcoin is the primary focus, the initiative aims for a broader scope in cryptocurrency.

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

When prompted about financial ramifications of government Bitcoin acquisition amidst budget deficits, Bessent stressed the need to cease selling existing seized Bitcoin prior to any new 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 clarified. He noted that the next steps will be discussed at the upcoming White House Crypto Summit.