US Treasury Secretary Scott Bessent clarified that the department is exploring ways to buy Bitcoin for the Strategic Bitcoin Reserve, after comments sparked a sell-off. Despite concerns about slow progress, Bessent reassured that forfeited Bitcoin would form the reserve’s foundation. Bitcoin is currently trading at $118,500.

Bessent’s comments wiped nearly $55 billion off Bitcoin’s market cap, with the price dropping from $121,073 to $118,886. Despite the clarification, Bitcoin is still trading at $118,500. Bitcoin pundits are urging the Treasury to move from exploration to execution. El Salvador Bitcoin adviser Max Keiser criticized the slow progress.

Trump signed an executive order in March establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile. The order allows for additional Bitcoin purchases using “budget-neutral” strategies that do not impact taxpayers. The Treasury is considering various strategies, including reevaluating gold certificates and tariff revenue. Congressional approval is needed for budget-neutral Bitcoin purchases.

Bessent confirmed that the US does not plan to sell its existing Bitcoin holdings, valued between $15 billion and $20 billion. The US holds 198,012 Bitcoin worth $23.5 billion. The Treasury is focused on building the Strategic Bitcoin Reserve.

Read more at Cointelegraph: US Treasury Bessent Says Budget-Neutral Bitcoin Reserve Buys Still Possible