US Treasury Secretary Clarifies Government Cryptocurrency Strategy: No Immediate Increase in Bitcoin Purchases, Reserve Expansion Plan Remains Ongoing

According to a report by Jinse Finance, U.S. Treasury Secretary Besant stated clearly on Fox Business Channel on Thursday local time that the U.S. government will not directly purchase more Bitcoin. However, he later clarified that this does not mean the plan to expand the country's crypto asset reserves has been halted. Since former President Trump signed an executive order in March to establish a strategic Bitcoin reserve, the market has been closely watching for details on its implementation. The reserve is currently based on approximately $20 billion worth of cryptocurrencies seized by the government from criminal activities, and the executive order specifically requires the Department of Commerce and the Treasury to explore “budget-neutral” ways to expand the reserve. Besant’s morning statement on the program that the government “will not purchase” was interpreted by the market as a halt to reserve expansion. However, he later clarified on social media: “The Treasury is committed to exploring budget-neutral ways to increase Bitcoin holdings.” His spokesperson emphasized that the earlier remarks were over-interpreted—the comments made on the program were offhand and not a major policy announcement. (Jin10)