U.S. Treasury Secretary Scott Bessent emphasizes the need for proactive measures in global Bitcoin adoption and cryptocurrency policy.
As the White House prepares for an upcoming cryptocurrency summit, Secretary Bessent joins fellow cabinet members in advocating for a digital asset-friendly approach. This aligns with a key promise made during Trump’s campaign to develop a national Bitcoin (BTC) investment strategy.
Earlier this year, the administration took steps toward establishing a U.S. digital asset stockpile, raising expectations for the potential inclusion of Bitcoin. In a March executive order, the administration explicitly referenced the “U.S. Digital Asset Stockpile” and a “Strategic Bitcoin Reserve,” indicating a shift towards government acquisition of Bitcoin.
Data from Bitcoin Treasuries suggests the U.S. government currently holds 198,109 BTC valued at approximately $18 billion, with most of it acquired through law enforcement actions against criminal activities.
During recent discussions, authorities criticized past administrations for their handling of Bitcoin assets. A government official noted that the early sale of Bitcoin generated only $366 million over ten years, a stark contrast to the current valuation that could have exceeded $17 billion had the assets been retained.
Hours before the crypto summit, Secretary Bessent highlighted the importance of halting further government BTC sales and evaluating potential Bitcoin purchases for a reserve. He stated the need for the U.S. to lead in cryptocurrency policy and to “bring Bitcoin on shore,” reinforcing the administration’s commitment to a proactive stance in the cryptocurrency landscape.
