Bitcoin News Today: Bessent Clarifies Treasury Open to Budget-Neutral Bitcoin Buys After Market Sell-Off

US Treasury Secretary Scott Bessent has clarified that the department remains open to acquiring Bitcoin through budget-neutral methods, contradicting earlier remarks that sparked a sharp sell-off in the crypto market [1]. Speaking on X on August 8, 2025, Bessent emphasized the Treasury’s commitment to expanding the Strategic Bitcoin Reserve without increasing taxpayer costs, aligning with the administration’s goal of establishing the U.S. as the “Bitcoin superpower of the world.”

Earlier the same day, Bessent had told FOX Business that the Treasury was not actively pursuing Bitcoin purchases but would instead rely on seized assets to build the reserve [1]. His remarks triggered a market reaction, with Bitcoin’s price dropping over $2,000 within 40 minutes and nearly $55 billion in market value erased, according to CoinGecko [1]. The volatility underscored the significant influence that high-level government statements can have on investor sentiment in the cryptocurrency markets.

Bessent’s subsequent clarification helped to some extent in stabilizing the market, but many analysts remained critical of the Treasury’s lack of action. Eli Nagar, CEO of Braiins, stated that “exploring” without executing “starts to look like avoidance,” highlighting the need for more concrete steps [1]. Similarly, Max Keiser, a prominent Bitcoin commentator, criticized the use of vague language, calling for more decisive government action [1].

The concept of a Strategic Bitcoin Reserve was first introduced in an executive order by Donald Trump on March 6, 2024. The order established the reserve and a Digital Asset Stockpile, initially funded by crypto assets forfeited in criminal cases [1]. It also laid the groundwork for budget-neutral acquisition strategies, including reevaluating gold certificates and using tariff revenue. However, the Digital Asset Working Group’s recent report failed to provide actionable plans for implementing these strategies.

A key challenge remains congressional approval for any budget-neutral Bitcoin purchases. U.S. Senator Cynthia Lummis has urged lawmakers to consider the BITCOIN Act she introduced in March [1], noting that legislative clarity is essential for the Treasury to act decisively. Without it, the department may remain hampered in its ability to move quickly or implement more aggressive strategies.

Despite the lack of progress on acquisitions, Bessent confirmed that the Treasury has no intention of selling its current Bitcoin holdings. He estimated the value of the reserve to be between $15 billion and $20 billion [1], which aligns with independent estimates such as BitBo’s Bitcoin Treasuries dashboard, which values U.S. Bitcoin holdings at approximately $23.5 billion as of August 2025 [1].

Bessent’s shifting statements reflect the ongoing uncertainty in U.S. digital asset policy. While the Treasury has outlined its long-term ambitions, the absence of clear implementation strategies continues to fuel skepticism among investors and industry experts. For the U.S. to achieve its stated vision of becoming a global leader in Bitcoin, many argue that the administration must move beyond exploration and take decisive action to execute its plans [1].

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[1] Cointelegraph, https://cointelegraph.com/news/us-treasury-still-exploring-budget-neutral-bitcoin-buys-secretary-says