Scott Bessent, the U.S. Treasury Secretary, has recently made a statement clarifying the Bitcoin ($BTC) strategy. As per Scott Bessent, the treasury buys for the Strategic Bitcoin Reserve will be budget neutral, as the confiscated Bitcoin ($BTC) holdings will be utilized for it.
Bessent asserted the need for establishing a Bitcoin reserve while also assuring its budget-neutral nature. Additionally, he also estimated the $15B-$20B as the present reserve valuation, denoting the extent of the assets that are currently in federal holdings.
US Bitcoin Reserve to Just Use Confiscated $BTC Rather Than Using the Budget
Bessent’s interview points out that the Bitcoin strategy of the United States will include the use of confiscated Bitcoin ($BTC) for the Strategic Bitcoin Reserve. Hence, no portion of the budget will be spent on Bitcoin ($BTC) buyouts. In this respect, the budget-neutral strategy will grow Bitcoin ($BTC) holdings without getting anything from taxpayer funds.
Market onlookers consider this to be relatively softer in comparison with the former categorical denial of the government-backed Bitcoin purchases. Thus, a few consider it an optimistic shift in balancing development with the current fiscal responsibility. Additionally, the move significantly contributes to the country’s endeavors to become the top Bitcoin ($BTC) hub.
Bitcoin Claims new ATH of $124K
Apart from that, Bitcoin ($BTC) has also been making notable progress in the meantime, setting a new all-time high (ATH) of $124,457.12 before a dip. However, following the brief consolidation, its price is continuously recovering, with the current level accounting for $118,827. Additionally, the 24-hour volume of Bitcoin also presents a 5.26% increase at $99.98B.
Displaying the same momentum, Solana ($SOL) and Cardano ($ADA) have also been showing remarkable price upswings over the past few days. Currently, they are standing at $195.14 and $0.9215, respectively. Overall, Bessent’s clarification about the Bitcoin reserve and its budget-neutral nature further signifies a positive impact on the market.
