Treasury Secretary Scott Bessent Says U.S. Will Buy More Bitcoin

Scott Bessent, the current U.S. Treasury Secretary has clarified that the Donald Trump administration is keen on implementing a strategic Bitcoin (BTC) reserve (SBR). Bessent noted via an X post that the United States will build an SBR from the $15 billion to $20 billion BTCs forfeited to the federal government.

The recent remarks follow his earlier comments during an interview on Thursday with FOX Business, during which he stated that the United States will not be buying any Bitcoin. Bessent clarified that the U.S. is exploring budget-neutral options to acquire more Bitcoins for the SBR. 

“Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the Bitcoin superpower of the world,” Bessent noted. 

Senator Lummis Proposes Bitcoin Act 

Senator Cynthia Lummis responded to Bessent’s comments on the SBR and said that she has the right bill for that purpose. Senator Lummis said that the United States government cannot solve its $37 trillion debt crisis through direct Bitcoin purchases.

However, Senator Lummis suggested that the country can revalue its gold reserves to today’s prices and rebalance the surplus to strengthen the SBR. Moreover, Senator Lummis said that the country needs a budget-neutral path to build its SBR, which includes enacting the Bitcoin Act soon.

Bigger Picture

The demand for Bitcoin as a hedge against inflation by nation-states has escalated the existing supply vs demand shock. Already, the BTC demand from institutional investors, as evident by the corporation’s treasury strategy and spot BTC ETFs, has triggered the ongoing macro bullish outlook.