Treasury Secretary Scott Bessent reiterates the halt to sales of confiscated bitcoins to bolster the American strategic reserve.
U.S. Treasury Secretary Scott Bessent has officially confirmed that the administration will completely stop selling seized bitcoins, allocating them instead to the national Strategic Bitcoin Reserve.
Speaking at the World Economic Forum in Davos, Bessent told journalist Christine Lee that this initiative represents a crucial component of a broader strategy aimed at attracting innovation in the digital asset sector to the United States, while maintaining federal oversight of confiscated cryptocurrencies.
The decision to establish a strategic reserve marks a departure from past practices, when seized bitcoins were routinely sold at auction. Bitcoin will now be treated as a long-term strategic asset, on par with gold or petroleum reserves.
The Treasury Secretary’s remarks came in response to questions regarding the management of bitcoins seized from the developers of Samourai Wallet.
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Same simple game over and over...
We’ve gotta admit that from their point of view it’s a pretty good way to acquire bitcoin! I can actually see one good thing in all this shit, those bitcoins won’t be sanctioned anymore! Am I seeing this right?
No. Govs do not "acquire" bitcoin. They can only confiscate so you will have less and be forced to use their crapcoins.
That's the whoke thing with all these "reserves". Exactly as the meme says.
Just another form of asset seizure, that being one of the biggest payoffs to law enforcement activity since the 1990s. And note, the seizure happens well before any due process, so it's gone and liquidated by the time anyone can legally argue about it.
https://twiiit.com/christinenews/status/2013587526146019611