US Treasury Secretary Scott Bessent announced on social media platform X that Bitcoins permanently transferred to the federal government will form the basis of the Strategic Bitcoin Reserve, established by President Donald Trump’s executive order in March.
Bessent stated that the Treasury is committed to exploring options for acquiring more Bitcoin through budget-neutral means, aiming to fulfill President Trump’s promise to expand the reserve and make the US the “world’s Bitcoin superpower.”
This statement follows Bessent’s recent remarks on Fox Business, where he stated that the government would not be purchasing additional Bitcoin holdings. He stated that he supports the Strategic Bitcoin Reserve but that the reserve would only be expanded with cryptocurrencies seized by US law enforcement.
Following today’s negative inflation data and Bessent’s statements, the price of BTC experienced a sudden drop. In the last 24 hours, the price has fallen by 3.7%.
*This is not investment advice.