Treasury Secretary Scott Bessent Reaffirms Commitment to Strategic Bitcoin Reserve

US Treasury Secretary Scott Bessent has clarified that his department is still actively exploring budget-neutral ways to acquire Bitcoin for the Strategic Bitcoin Reserve, pushing back against earlier remarks that sparked a rapid sell-off in the cryptocurrency market.

In an X post on Thursday, Bessent stressed the Treasury’s commitment to the President’s vision of making the United States the “Bitcoin superpower of the world,” adding that forfeited Bitcoin from government criminal cases would form the reserve’s foundation. His statement sought to calm market jitters after a televised interview appeared to signal a halt to Bitcoin purchases.

Earlier that day, Bessent had told FOX Business, “We’re not going to be buying that,” when discussing the reserve, a comment that sent Bitcoin tumbling from $121,073 to $118,886 within 40 minutes—wiping nearly $55 billion from its market capitalization, according to CoinGecko. By the time of his clarification, Bitcoin had steadied near $118,500.

Concerns Over Slow Implementation

Despite Bessent’s reassurance, some industry voices remain skeptical. Critics point to the Treasury’s slow pace in executing the reserve strategy, warning that other nations could accumulate significant holdings first. Eli Nagar, CEO of Bitcoin mining firm Braiins, remarked on X, “At some point, exploration without execution starts to look like avoidance.”

The Strategic Bitcoin Reserve and a Digital Asset Stockpile were both created through a March 6 executive order by President Donald Trump. The initiative permits Bitcoin purchases using “budget-neutral” methods—strategies that do not place additional costs on US taxpayers. Ideas floated include reevaluating gold certificates and using tariff revenues.

However, congressional approval is required for such acquisitions, a hurdle that may be slowing progress. Senator Cynthia Lummis has urged lawmakers to revisit the BITCOIN Act she introduced earlier this year to address the issue.

No Plans to Sell Existing Holdings: Bessent 

While the Treasury’s buying plans remain under review, Bessent confirmed there will be no sales of the government’s current Bitcoin stash. “We’re going to stop selling,” he told FOX Business, estimating the reserve’s value at between $15 billion and $20 billion.

Data from BitBo’s Bitcoin Treasuries dashboard shows the US holds approximately 198,012 BTC, worth about $23.5 billion. Supporters of the reserve believe that holding and gradually increasing these assets could strengthen America’s position in the global digital economy—provided the Treasury can move from planning to action.