【Signals Behind Government Holdings】

U.S. Treasury Secretary Scott Bessent recently revealed a detail: the government has changed its approach to handling seized Bitcoin, no longer following the previous route of public auctions for cashing out, but instead incorporating it into the "strategic reserve" system.

At first glance, it might seem nothing special, but upon closer thought, questions arise.

First, seized Bitcoin no longer flows into the secondary market. What does this mean? In the past, these assets were a sword hanging over the head—uncertain when the government might suddenly sell off and cause a price drop. Now, that pressure has completely disappeared. The concerns about government sell-offs causing supply shocks can be laid to rest.

Second, the government chooses to hold long-term rather than liquidate immediately. Don't underestimate this step. It indicates that decision-makers have changed their perception of Bitcoin—from a "forfeited asset" to a "reserve asset." Just as central banks around the world stockpile gold, the U.S. government is now applying the same logic to Bitcoin.

The most interesting part is those four words: "strategic reserve." This phrase itself signifies a shift in understanding. For the first time, Bitcoin has been officially incorporated into the national asset management framework, transforming its identity from law enforcement loot to a long-term allocation asset.

This is not just about price benefits but about rebuilding the market expectation framework.