Treasury Secretary Scott Bessent believes the US should become the global leader in cryptocurrency. He argues that the country should actively attract crypto businesses and set the standard for industry regulation.
Bringing Crypto “Onshore”
Bessent advocates for bringing crypto activity into the US, stating, “I am a big proponent of the US taking the worldwide lead in crypto. I think we have to bring it onshore and they use our best practices and regulation.”
Government Bitcoin Reserve: A Smart Move?
He praised President Trump’s decision to establish a Bitcoin reserve, highlighting the previous practice of selling seized Bitcoin as a missed opportunity. According to “Crypto Czar” David Sacks, the government previously sold approximately 195,000 Bitcoin for $366 million—a fraction of its current value of over $17 billion. The US government now holds approximately $17.05 billion worth of BTC. Bessent hinted at future Bitcoin acquisitions for the reserve after addressing the issue of past sales. He explained, “Before you can accumulate it, you have to stop selling it. So what we have now is from a seized asset pool… So the first thing to do is to stop the selling… After the victims are paid, and all of that, any seized assets will go into this reserve, and then we’ll see what the way forward is for more acquisitions for the reserves.”
Note: Bitcoin’s price at the time of writing was around $86,624.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Always conduct thorough research before making any investment decisions.
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