From No To Maybe: Treasury Secretary Bessent Leaves Bitcoin Option Open

US Treasury Secretary Scott Bessent walked back a line that rattled Bitcoin markets on Thursday, saying the Treasury is still looking at ways to add to a Strategic Bitcoin Reserve without raising taxpayer costs.

He had earlier told Fox Business that “we’re not going to be buying that,” but later posted on social media that the department is “exploring budget-neutral pathways” to acquire more Bitcoin.

Bessent’s Clarification And The Reserve

According to his public remarks, the reserve will be built first from crypto forfeited to the government, and any extra purchases would be structured so they don’t increase the federal budget.

Yet traders read his line differently at first, and the market moved fast. Reports show Bitcoin slid from about $121,100 to $118,950 in a short span, and over $50 billion in market value evaporated within half an hour after the interview.

Market Moves And Numbers

Short-term reactions were sharp. Prices fell and crypto commentators called out the gap between a firm “no” on buying and a later “we’re exploring” stance.

The Treasury, for its part, also confirmed it will stop selling existing Bitcoin holdings and that the reserve is valued in a range Bessent put at between $15 billion and $20 billion.

US President Donald Trump signed an executive order on March 6 establishing the Strategic Bitcoin Reserve and a broader Digital Asset Stockpile, which set the policy framework for using seized crypto as a base for the reserve.

That order also allowed for “budget-neutral” methods to add holdings, which is what Bessent referenced when he mentioned alternate funding ideas like reallocations or the use of forfeited assets.

There’s still confusion about how much Bitcoin the US government actually controls across different agencies.

Public trackers estimate at least 198,000 Bitcoin valued in the low-$20 billion range are spread across federal agencies, though some FOIA responses and reports have shown smaller, agency-specific totals.

If Treasury names a specific, budget-neutral funding route — or if Congress acts on bills that would clear a path — markets will likely take that as a clear signal and react again.

For now, investors and policy watchers are left parsing wording. Exploration without a firm plan keeps uncertainty high, and in crypto that can mean quick price swings.

At the time of writing, Bitcoin was trading at $118,872, down 2.4% in the last 24 hours, data from CoinMarketCap shows.

Featured image from Drive, chart from TradingView