US Treasury Secretary Bessent Addresses Bitcoin Acquisition During Congressional Testimony
- Treasury Secretary Scott Bessent confirmed that the US will retain Bitcoin acquired through asset seizures, totaling over $15 billion from an initial $500 million.
- Bessent stated he does not have the authority to direct private banks to purchase more BTC or any other cryptocurrencies.
- The US government can only acquire additional BTC through budget-neutral strategies or asset forfeiture, as outlined in a March executive order.
- Bessent’s testimony followed questioning by Congressman Brad Sherman, a known critic of cryptocurrencies.
- The strategic reserve initiative has faced criticism from the Bitcoin community for perceived limitations on its scope.
During his testimony, Bessent emphasized that any future acquisition of Bitcoin would not involve open market operations, which some had anticipated could increase demand and prices for the digital currency.
Bessent’s remarks highlight the government’s position on cryptocurrency management, confirming that they will not engage in bailouts or direct purchases of BTC amid market fluctuations. (Source)
