It is a truth universally acknowledged that a nation in possession of a growing economy must be in want of a sound financial strategy. However, the recent escapades of Mr. Scott Bessent, the US Treasury Secretary, have rendered this maxim rather questionable. 🧐
Mr. Bessent, a gentleman of no small influence, has now clarified that his department is indeed exploring budget-neutral avenues to acquire Bitcoin for the Strategic Bitcoin Reserve – a statement that stands in stark contrast to his earlier remarks that had sent the Bitcoin market into a tizzy. “Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve,” Bessent declared in a missive on X this past Thursday, much to the relief of Bitcoin enthusiasts.
He further affirmed that the Bitcoin forfeited to the federal government would serve as the reserve’s foundation. Yet, the delay in executing this strategy has raised eyebrows, with some fearing that the Treasury might be dragging its feet. 🤔
Earlier on Thursday, Mr. Bessent’s comments to FOX Business had been widely misinterpreted, leading to a swift $55 billion evaporation from Bitcoin’s market cap within a mere 40 minutes. “We’re not going to be buying that,” he had somewhat ambiguously stated, causing Bitcoin to tumble from $121,073 to $118,886. 📉
Despite the subsequent clarification, Bitcoin remains at $118,500 at the time of this writing, prompting many to wonder if the Treasury’s actions will ever match its words. 🤨
Less Talk, More Action, Cry the Bitcoin Pundits
While Mr. Bessent’s reassurances have mollified some, others remain skeptical. “Are you seriously still ‘exploring budget-neutral pathways’?” queried Eli Nagar, CEO of Bitcoin mining firm Braiins, on X. “At some point, exploration without execution starts to look like avoidance.” 🕵️♂️
“Come on, get moving!”
A Five-Month Exploration with No End in Sight
It was on March 6 that President Trump signed an executive order establishing both a Strategic Bitcoin Reserve and a Digital Asset Stockpile, initially utilizing crypto forfeited in government criminal cases. However, five months have passed with no significant progress, leaving many to question the Treasury’s commitment. 😤
Among the floated budget-neutral strategies are reevaluating the Treasury’s gold certificates and tariff revenue. Yet, the slow pace may be attributed to the necessity of congressional approval for such purchases, a point underscored by US Senator Cynthia Lummis in her advocacy for the BITCOIN Act introduced in March. 🏛️
“We’re Going to Stop Selling” Bitcoin: A Glimmer of Hope
While the Treasury has yet to act on the buying front, Mr. Bessent has confirmed that the US does not intend to part with its existing Bitcoin holdings. “We’re going to stop selling,” he assured FOX Business, estimating the Strategic Bitcoin Reserve’s value to be “somewhere between $15 billion and $20 billion.” 💎
This aligns closely with BitBo’s Bitcoin Treasuries dashboard, which reports that the US holds 198,012 Bitcoin worth $23.5 billion. 📊
Read More
- You’ll Never Guess What This Crypto ETF Claims To Do For Your Portfolio! 🤑
- US Government’s Wild Plan: Tariffs for Bitcoin? You Won’t Believe This! 💰🚀
- EUR JPY PREDICTION
- CNY JPY PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- Could This Altcoin Really Surge by 30%? Here’s What You’re Missing!
- Ethereum ETFs Just Had Their Best Day Since February
- Nabokovian Bitcoin Soars to $125K, ETH Breaks Records 🚀💰
- Ethereum Whales Feast on 1.80 Million ETH: A Tale of Bullish Delights 🐳💰
- Bitcoin Mania: How Brevan Howard and $HYPER Are Changing the Game
2025-08-15 04:12