US Treasury’s Scott Bessent backpedals: Bitcoin buying still possible

US Treasury Secretary Scott Bessent clarified on X that the department is still exploring budget-neutral ways to purchase Bitcoin, contrasting an earlier comment that tanked the crypto markets.

US Treasury Secretary Scott Bessent has clarified that his department is still exploring budget-neutral ways to buy Bitcoin for the Strategic Bitcoin Reserve — contrasting with his recent comments suggesting the plan was off the table, which triggered a Bitcoin sell-off.

“Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world,’” Bessent clarified in an X on Thursday. 

He reiterated that the Bitcoin (BTC) forfeited to the federal government would form the reserve’s foundation.

There were already concerns that the US’s slow pace of executing its Strategic Bitcoin Reserve could leave it open to being front-run by other nation-states. Some feared that the Treasury may not even follow through on the strategy.

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