U.S. Treasury Secretary Revises Statement on Exploring Increased Bitcoin Holdings, Market Questions: “How Much Longer Will This Exploration Continue?”

U.S. Treasury Secretary Scott Bessent’s Comments on Bitcoin Reserve

U.S. Treasury Secretary Scott Bessent stated in an interview with FOX Business yesterday that the U.S. Bitcoin strategic reserve will consist of the government’s current holdings of $15 billion to $20 billion in Bitcoin assets, with no plans for additional purchases. This statement dampened the expectations of some Bitcoin supporters.

However, later that day, Scott Bessent reversed his position, posting on X:

“The Treasury is committed to exploring budget-neutral ways to acquire more Bitcoin, expand reserves, and fulfill the President’s commitment to make the U.S. a ‘global Bitcoin superpower.’”

He emphasized that Bitcoin seized by the federal government will form the basis of the reserves.

While Scott Bessent’s clarification relieved some Bitcoin supporters, doubts remain regarding the Treasury’s execution capabilities. Eli Nagar, CEO of Bitcoin mining company Braiins, criticized on X:

“Are you seriously still ‘exploring budget-neutral ways’? Exploring without execution ultimately feels like evasion. Get moving!”

El Salvador Bitcoin advisor Max Keiser also mocked Scott Bessent’s so-called “exploration” as merely a formality. In fact, the U.S. Treasury has been “exploring” for five months now.

On March 6 of this year, U.S. President Trump signed an executive order requiring the establishment of a Bitcoin strategic reserve and digital asset repository, initially using cryptocurrency assets seized from government criminal cases. The order also opened the possibility for additional Bitcoin purchases, provided that a “budget-neutral strategy that does not increase costs for U.S. taxpayers” is employed. However, last month, a lengthy report released by the digital asset task force did not disclose any specific execution details.

Despite previously suggested budget-neutral proposals, which included reassessing the Treasury’s gold certificates and tariff revenues, progress has been hindered as the Treasury’s purchase of Bitcoin may require congressional approval.