Key Points
- Scott Bessent, U.S. Treasury Secretary, advocates for America to lead in global Bitcoin adoption and crypto policy.
- A focus on creating a national Bitcoin investment strategy and stopping further government sales of BTC is evident.
U.S. Treasury Secretary Scott Bessent is pushing for America to lead in global Bitcoin adoption and cryptocurrency policy.
Before a crypto-focused summit at the White House, Bessent, along with other cabinet members who are pro-crypto, promoted positive views on digital assets in the media.
A National Bitcoin Investment Strategy
One of the key promises made during Trump’s campaign was the development of a national Bitcoin investment strategy. This promise was realized in January when the President signed an executive order to investigate the possibility of a U.S. digital asset stockpile, which is anticipated to include Bitcoin.
In March, another executive order was released by Trump, specifically mentioning a “U.S. Digital Asset Stockpile” and a “Strategic Bitcoin Reserve.” This revised order indicates that the government is considering buying Bitcoin, a point of contention after the first executive order.
Government’s Bitcoin Holdings
Bitcoin Treasuries reports that the U.S. government owns 198,109 BTC, worth nearly $18 billion, while the BTC spot price was under $90,000. The majority, if not all, of this Bitcoin was obtained through criminal investigations.
David Sacks, the White House AI and Crypto Czar, criticized previous administrations for their handling of America’s Bitcoin wealth. According to Sacks, the government sold its Bitcoin too early, making $366 million in a decade instead of $17 billion if it had held.
In an interview with CNBC before Trump’s summit, Secretary Bessent stated that putting a stop to further government sales of Bitcoin was a priority. He added that potential Bitcoin purchases for a reserve were also being considered. Bessent emphasized that the U.S. should take the global lead in crypto policy and integrate Bitcoin more fully into the economy. “I’m a big proponent of U.S. taking the worldwide lead in crypto,” said Bessent.