The United States Treasury Secretary, Scott Bessent, stated that the country should bring Bitcoin (BTC) onshore and evaluate new strategies to acquire additional reserves of the cryptocurrency.
A new strategic reserve of Bitcoin in the United States?
During an interview with CNBC, Bessent criticized the past sales of Bitcoin by the U.S. government, stating that:
“I am a strong supporter of the United States taking the global lead in the crypto sector. We need to bring it to our territory and apply our best practices and regulations. Before accumulating Bitcoin, however, it is necessary to stop selling it.”
The statements by Bessent foreshadow the themes of the White House Crypto Summit, scheduled for March 7, where strategies will be discussed to strengthen the position of the United States in the cryptocurrency sector.
The President of the United States, Donald Trump, signed an executive order on March 6 to establish a strategic reserve of Bitcoin, accompanied by a separate stock of digital assets.
The decision marks a significant change in the financial policy of the United States towards criptovalute.
According to the plan outlined by Bessent, once the payments intended for the victims of financial fraud and the concluded legal proceedings are settled, the Bitcoin confiscated by the government will be converted into strategic reserves instead of being sold on the market.
This maneuver aims to strengthen the influence of the United States in the crypto sector, preventing other nations from gaining the upper hand in the adoption of Bitcoin as an institutional financial tool.
The global race for Bitcoin reserves
In any case, the United States is not the first to consider Bitcoin as a strategic financial asset.
El Salvador has already adopted BTC as a national reserve, but the involvement of a major economic power like the United States could further accelerate the process on a global level.
According to Anthony Pompliano, a well-known asset manager and Bitcoin advocate, 2024 marked the beginning of a global bull run for BTC reserves.
Pompliano emphasized that, if the United States wants to maintain their financial dominance, they should anticipate the moves of other countries. Furthermore, they should be the first to accumulate significant amounts of Bitcoin.
The CEO of Bitcoin Magazine, David Bailey, has speculated that China is secretly working on its own Bitcoin reserve in response to Trump’s reelection.
If these rumors were confirmed, the competition between superpowers for the control of BTC reserves would further intensify in the coming months.
The executive order signed by Trump represents a decisive step towards the legitimization of Bitcoin for institutional investors.
The creation of a strategic reserve of BTC indicates that the U.S. government views the cryptocurrency as a relevant financial asset. Consequently destined to be an integral part of the national economic system.
Bitcoin has often taken on the role of “digital gold”, thanks to its value reserve properties. However, despite this narrative, the market has treated Bitcoin as a risky asset, subject to strong price fluctuations in response to macroeconomic events.
Situations like trade wars, high inflation, and interest rate decisions have led to sudden drops in the value of BTC. Thus questioning its stability in the short term.
However, with the adoption by governments and the accumulation by states, Bitcoin could achieve greater stability in the long term.
A new scenario for crypto regulation
The statements of Scott Bessent and the new executive order by Trump lay the foundations for a clearer and more favorable regulation for digital assets in the United States.
The creation of the strategic reserve of Bitcoin could also influence the policies of other countries, pushing them to adopt similar strategies.
The meeting on March 7 at the White House will see the participation of crypto industry leaders and government representatives. This event could mark a historic turning point in the regulation and integration of Bitcoin into the US economy.
If the United States takes a leading role in the cryptocurrency sector, other nations might feel compelled to follow its example to maintain competitiveness in the global financial markets.
