The Big Idea
The US government is considering creating a “Strategic Bitcoin Reserve” to hold cryptocurrency as a national asset. Treasury Secretary Scott Bessent explained the plan in a recent interview, stressing that the first step is to stop selling Bitcoin the government already owns before buying more.
Why Stop Selling First?
Over the past few years, US authorities have seized Bitcoin (often from criminal investigations). For example, about $500 million worth was taken, and half was sold off. Bessent argues this needs to change:
- Step 1: Halt all sales of seized Bitcoin.
- Step 2: Use remaining Bitcoin (after compensating victims) to start the reserve.
- Step 3: Later, decide how to add more Bitcoin to the reserve.
“Before you can build a reserve, you have to stop losing what you already have,” Bessent said.
Bigger Than Bitcoin
While Bitcoin is the starting point, Bessent clarified the plan could expand to include other cryptocurrencies. The goal is for the US to lead in crypto by setting clear rules and keeping these assets “onshore” (managed within the country).
What’s Next?
Officials will meet at the White House Crypto Summit soon to discuss details. For now, the focus is on preserving seized Bitcoin instead of selling it. Bessent emphasized, “The US should be ahead in crypto—this is how we start.”
The US wants to save its seized Bitcoin instead of selling it, aiming to build a crypto reserve and lead globally. First step: Stop the sales! 🚫➡️💰
