Bitcoin Act Is Still America’s Playbook, Clarifies Senator Lummis
Treasury Secretary Scott Bessent's comments initially caused a decline in Bitcoin and crypto markets, stating the U.S. government would not buy additional Bitcoin and would stop selling it. This led to a 3.7% drop in Bitcoin prices. Later, Bessent clarified that forfeited Bitcoin would form the basis of a Strategic Bitcoin Reserve (SBR) established by President Trump, with plans to explore budget-neutral methods for acquiring more Bitcoin. Senator Cynthia Lummis emphasized the need for the BITCOIN Act to expand the SBR without taxpayer funds, proposing to revalue gold reserves to finance Bitcoin purchases. The BITCOIN Act aims for a five-year program to acquire up to 1 million BTC, with a minimum holding period. Bessent expressed skepticism about gold revaluation as a funding method, while Lummis supports it. The executive branch will prioritize building the SBR with forfeited coins and is considering budget-neutral expansion strategies. Bitcoin was trading at $118,751 at press time.
