Treasury Secretary Scott Bessent says US should bring BTC onshore

US Treasury Secretary Scott Bessent recently called for bringing Bitcoin (BTC) onshore and said he would discuss the next steps for possibly acquiring more BTC at the White House Crypto Summit on March 7.

Bessent appeared in a CNBC interview and criticized the US government’s previous sales of Bitcoin. The treasury secretary told the interviewer:

“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.”

The treasury secretary added that after all victims of financial malfeasance or settled court cases are paid out from the US government’s seized Bitcoin stockpile, the rest would go into the Bitcoin strategic reserve.

US President Donald Trump signed an executive order on March 6 establishing both a strategic Bitcoin reserve and a separate digital asset stockpile, and he will host industry leaders at the White House later on March 7 to discuss future crypto policy.

Related: Trump’s Bitcoin reserve order reshapes institutional crypto investment

Let the nation-state games begin

Although smaller countries such as El Salvador already have Bitcoin strategic reserves, the influence of the United States, which currently features the world’s most robust capital markets, will likely compel other countries to join the race.

According to asset manager Anthony Pompliano, the global race for Bitcoin was already underway in 2024 — arguing that the US should take the lead to front-run other nations.

Bitcoin Magazine CEO David Bailey speculated that China has been quietly working on a Bitcoin reserve for months now following the reelection of Trump in the US.

Trump’s strategic reserve order further legitimizes BTC for institutional investors and cements the asset class as a major financial vehicle.

Bitcoin commands a digital gold narrative and features classic store-of-value properties. However, due to the nascency of cryptocurrencies, many investors have viewed BTC as a risk-on asset.

This characterization has caused Bitcoin’s price to crash during macroeconomic shocks such as trade wars, high inflation data reports and unfavorable interest rate decisions.

Magazine: Bitcoin will ‘start ripping’ as Trump’s polls improve: Felix Hartmann, X Hall of Flame