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crypto.news 2025-03-07 14:41:44

Secretary Bessent calls for US Bitcoin and crypto dominance ahead of Trump’s summit

Secretary Bessent calls for US Bitcoin and crypto dominance ahead of Trump’s summit

U.S. Treasury Secretary Scott Bessent wants Washington on the frontfoot for global Bitcoin adoption and crypto policy. Ahead of the White House crypto summit, President Donald Trump’s Treasury Secretary Scott Bessent joined other pro-crypto cabinet members to champion digital asset-friendly rhetoric in the media . Creating a national Bitcoin ( BTC ) investment strategy was a major crypto promise during Trump’s campaign trail. In January, the President signed an executive order to explore a U.S. digital asset stockpile, which many expect would include BTC. Trump released another crypto EO on March 6, distinctly mentioning a “U.S. Digital Asset Stockpile” and a “Strategic Bitcoin Reserve.” The revised order suggests active government buying, a previous bone of contention after the first EO. You might also like: News Elizabeth Warren probes David Sacks’ Bitwise ties amid crypto reserve plan According to Bitcoin Treasuries, the U.S. government owns 198,109 BTC valued at nearly $18 billion while BTC spot price floated under $90,000. Most, if not all, of the BTC was accumulated through criminal crackdowns. On March 6, David Sacks, the White House AI and Crypto Czar, subtly criticized previous administrations for mismanaging America’s BTC wealth. Sacks noted that the government sold too early and made $366 million in a decade instead of $17 billion if it had held. Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy. — David Sacks (@davidsacks47) March 6, 2025 Speaking with CNBC hours before Trump’s summit, Secretary Bessent said stopping further government sales of BTC was a priority, as is considering potential BTC purchases for a reserve. Bessent also stated that the U.S. must take the global lead on crypto policy and “bring Bitcoin on shore.” “I’m a big proponent of U.S. taking the worldwide lead in crypto,” Trump’s Treasury Secretary noted. You might also like: Trump signs executive order establishing a US Strategic Bitcoin Reserve

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