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US Treasury Reverses Position on Bitcoin Reserve Expansion
In a surprising policy reversal, US Treasury Secretary Scott Bessent announced Thursday evening that the Treasury is exploring "budget-neutral pathways" to acquire additional Bitcoin for the Strategic Bitcoin Reserve. This comes less than 24 hours after Bessent stated in a Fox Business interview that the US would only replenish its Bitcoin reserves through confiscated assets.
Strategic Reserve Background
The Strategic Bitcoin Reserve was established through a March 2025 executive order by President Donald Trump. Currently holding approximately 200,000 BTC - primarily from seizures like the Silk Road case - it positions the US as the world's largest state holder of Bitcoin. The reserve was initially conceived to include Bitcoin and other major cryptocurrencies like Ethereum, Solana, and Cardano.
Market Impact
The announcement follows Bitcoin's price volatility on Thursday, where it reached a record high of nearly $124,500 before retreating to around $118,000. This drop was largely attributed to higher-than-expected Producer Price Index (PPI) data, which reduced expectations of a September Federal Reserve rate cut. Analysts suggest Bessent's reversal may provide new support for cryptocurrency valuations.
