Updates on US Strategic Bitcoin Reserve 💡

U.S. Treasury Secretary Scott Bessent says the government will use Bitcoin seized and forfeited to the federal government as the starting point for a new Strategic Bitcoin Reserve. The program was created in March under an Executive Order from President Trump, who promised to make the U.S. the "Bitcoin superpower".

Bessent’s update comes after a recent interview where he said there were no plans to buy Bitcoin for the reserve, sparking backlash from crypto supporters. His new statement confirms the government will look for "budget-neutral" ways to add more BTC without increasing spending 💰

Senator Cynthia Lummis supported the idea, but said the U.S. can’t fix its $37 trillion debt by buying Bitcoin. She suggested revaluing America’s gold reserves to today’s prices and using the gains to fund BTC purchases. She also promoted her BITCOIN Act, which would require the government to buy 1 million BTC over five years.

Dennis Porter, CEO of the Satoshi Action Fund, proposed another option. He said the government could use yield from seized assets, such as staked Ethereum or Binance Coin, to buy more Bitcoin without touching the budget 🛒

Bitcoin is currently trading around $118,800, down about 3% in the past day. The new plan signals the U.S. is serious about growing its BTC reserve while avoiding extra costs to taxpayers.

Is it a mistake not to buy new BTC?

❤️ - Definitely!
👍 - Not so sure about that!