US Government Exploring Opportunities To Amass More Bitcoin for the BTC Strategic Reserve, Says Treasury Secretary Scott Bessent

Treasury Secretary Scott Bessent says that the US is exploring new ways to stockpile Bitcoin ( BTC ) to further its strategic reserve.

In a new thread on X, Bessent says the US government is seeking new ways to fulfill President Donald Trump’s promise to become the Bitcoin superpower of the world.

“Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order.

In addition, [the] 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.'”

The Bitcoin strategic reserve was established in March by Trump, at the time ordering seized crypto and BTC to be stockpiled rather than immediately auctioned off.

Earlier this week, Bessent said that the US government has about $20 billion worth of the top crypto asset by market cap and isn’t looking to sell, adding that the nation is looking to add confiscated tokens to its stash rather than purchasing more.

“We’ve also started, to get into the 21st century, a Bitcoin strategic reserve. We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up. We’re going to stop selling that. I believe that the Bitcoin reserve at today’s prices is somewhere between $15 and $20 billion.”

Data from the crypto analytics platform Arkham unveils that the US government currently holds 198,000 BTC worth $23.26 billion.

Bitcoin is trading for $117,388 at time of writing, a 1% decrease during the last 24 hours.

Generated Image: Midjourney