Key dealers
- The US government evaluates plans to establish a strategic Bitcoin reserve.
- Treasury Secretary Scott Bessent emphasizes the need to stop selling seized bitcoin before expanding the reserve.
Treasury Secretary Scott Bessent said that Bitcoin acquisition plans will be discussed and the government will evaluate the way forward. Talking about CNBC’s Squawk box On Friday, Bessent shared his perspective on President Trump’s latest order to establish a strategic Bitcoin reserve.
“Generally speaking, I am a great advocate for the United States who takes the global leadership in Crypto,” Bessent said. “I think we have to bring it on land … use the best practice and regulations.”
Bessent, who dealt with the reasons for forming the Bitcoin reserve and said that the first step is to stop the sale of seized bitcoin before making further acquisitions.
“I think the Bitcoin reserve, before you can gather it, you have to stop selling it,” he said.
“What we have now is from a seized asset pool. I think what happened was about $ 500 million Bitcoin was arrested, half of that was sold, ”Bessent added.
After taking out victims of repayment of victims, the remaining seized assets will be addressed to the reserve, according to Bessent. He added that the Treasury will then evaluate strategies for further acquisitions.
“And then we will see what the road forward is for more acquisitions for the reserve,” Bessent said.
While Bitcoin is the first focus, Bessent noted that the initiative has a broader scope.
“We start with Bitcoin, but it’s an overall cryptoic reserve,” he added.
