US Treasury Secretary Scott Bessent has urged the United States to bring Bitcoin onshore, emphasising the need to stop selling government-seized BTC. Speaking in a CNBC interview, Bessent criticised past Bitcoin sales by the US government and advocated for a strategic accumulation approach.
“I’m a big proponent of the US taking the worldwide lead in crypto. I think we have to bring it onshore and use our best practices and regulations. I think that the Bitcoin Reserve — before you can accumulate it — you have to stop selling it,” he stated.
Bessent also revealed that any remaining Bitcoin from seized government stockpiles—after victims of financial crimes and court settlements are compensated—would be allocated to a newly established Bitcoin strategic reserve.
Trump Signs Executive Order for Bitcoin Reserve
A day before Bessent’s interview, US President Donald Trump signed an executive order on March 6 to establish both a strategic Bitcoin reserve and a separate digital asset stockpile. The move marks a significant shift in US crypto policy, positioning Bitcoin as a national asset.
Trump is set to host a White House Crypto Summit on March 7, where industry leaders will discuss the next steps in shaping the nation’s digital asset strategy.
While smaller nations like El Salvador have already implemented Bitcoin reserves, the US—home to the world’s largest capital markets—could trigger a global race for Bitcoin accumulation. Asset manager Anthony Pompliano previously noted that this competition had already begun in 2024, arguing that the US should take the lead before other nations do.
Institutional Legitimacy and Bitcoin’s Market Dynamics
Trump’s strategic reserve order is expected to further legitimise Bitcoin among institutional investors, reinforcing its role as a major financial asset.
Bitcoin has long been viewed as “digital gold,” with strong store-of-value characteristics. However, due to its relatively young market, BTC has often been classified as a risk-on asset, experiencing price volatility during macroeconomic shocks, trade disputes, and central bank policy shifts.
With the US government now formally recognising Bitcoin as a strategic asset, the narrative around its role in global finance is set to evolve rapidly.
