US Treasury’s Scott Bessent Says Strategic Bitcoin Reserve Will Rely on Budget-Neutral Acquisitions
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On August 14, US Treasury Secretary Scott Bessent clarified his department’s stance on the nation’s strategic Bitcoin holdings, walking back earlier remarks that had sparked a sell-off.
Despite the temporary market reaction, former President Donald Trump’s ambition to establish the US as the “Bitcoin superpower of the world” remains a driving policy objective.
Trump’s Promise of Making the US the ‘Bitcoin Superpower’ Remains in Play
In a follow-up post on X, Bessent detailed plans to expand the US Bitcoin reserve through budget-neutral methods, primarily by utilizing assets seized in criminal cases.
He emphasized that this approach aligns with President Trump’s March executive order, which prioritizes dominance in the cryptocurrency sector.
https://twitter.com/SecScottBessent/status/1956080030137626887
The clarification came just hours after Bessent’s initial statement, which had suggested the Treasury had no plans to acquire additional Bitcoin beyond confiscated holdings.
His earlier remarks were perceived as definitive, leading many to conclude that the US government had lost interest in growing its reserves.
The timing made it even more striking. His comments came on the same day Bitcoin achieved a new all-time high, trading above $124,000.
Markets reacted quickly. Within 40 minutes, Bitcoin’s price fell from $121,073 to $118,886, erasing nearly $55 billion from its market cap. The dip was sharp as confidence wavered.
Mixed Reactions to US Treasury’s Bitcoin Reserve Strategy
While some investors viewed Bessent’s clarification as a step forward, others argued that the government could do more.
Senator Cynthia Lummis, a long-time crypto supporter and key advocate for creating the strategic Bitcoin reserve under the Trump administration, welcomed the budget-neutral approach.
She argued that America cannot solve its $37 trillion debt through Bitcoin purchases alone.
However, she suggested revaluing gold reserves at today’s prices and transferring the increased value to fund the reserve.
Lummis also hinted at the possible introduction of the BITCOIN Act. This is likely a framework that could guide all operations tied to the Strategic Bitcoin Reserve.
https://twitter.com/SenLummis/status/1956095326210941204
Yet skepticism persists. Eli Nagar, CEO of mining firm Braiins, criticized the Treasury’s prolonged “exploration” as strategic inertia rather than decisive action.
Many Bitcoiners worry that without clear timelines or bold moves, the US Treasury’s plan could lose momentum.
Meanwhile, other nations continue to press on with their Bitcoin reserves plan.
On July 14, Pakistan launched the Pakistan Virtual Assets Regulatory Authority (PVARA), tasked with overseeing the country’s entire digital asset ecosystem.
Alongside regulation, there are ongoing plans to establish its own National Bitcoin Reserve.
Meanwhile, El Salvador’s disciplined strategy continues to pay off. President Nayib Bukele announced on August 13 that the country’s Bitcoin holdings have surged to $768.85 million, up 155.82% from its initial $300.5 million investment.
https://twitter.com/nayibbukele/status/1955725065091170500
Blockchain analysts at Lookonchain confirmed that replicating El Salvador’s dollar-cost-averaging approach would have yielded a 115% return for any investor.
For the US, the question is whether the Strategic Bitcoin Reserve will remain a cautious experiment or evolve into a bold asset strategy that matches the “Bitcoin superpower” vision promised by President Trump.
