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Finance Minister Bessent Reverses Position, States that the United States Will Buy BTC
In stark contrast to the statements made 24 hours ago, U.S. Treasury Secretary Scott Bessent now says the federal government is committed to exploring ways to purchase more Bitcoin for its Strategic Bitcoin Reserve Fund. In a post on X (previously known as Twitter), Bessent wrote: "Bitcoin will ultimately be seized for the federal government and will form the basis of the Strategic Bitcoin Reserve Fund that President Trump established in the Executive Order in March. This change occurred less than a day after Bessent told Fox Business that the United States has no plans to buy more Bitcoin, but will instead rely solely on seized assets. At that time, he said: "We will not buy that... we will use the seized assets and continue to build it. We will stop selling it." The previous viewpoint has disappointed cryptocurrency investors, many of whom see government purchases as a potential catalyst for price increases. The new message seems to reopen the door for government buybacks — although Bessent emphasized that any buyback will be "budget neutral," referring to potential funding sources such as asset reallocation rather than new spending. The U.S. government estimates that it holds $24.27 billion in seized BTC. The cryptocurrency market slid after previous comments from Scott Bessent dampened hopes for Bitcoin purchases in the U.S., erasing recent gains. Bitcoin dropped from above $124,000 to nearly $117,000, and altcoins followed suit.