The decision not to purchase Bitcoin for the strategic reserve desired by Trump has been confirmed by Scott Bessent, who will rely on the seized BTC, estimated at between 15 and 20 billion dollars.
Trump’s Limited National Bitcoin Reserve
The US Treasury Secretary, Scott Bessent, has made it clear: Washington will not buy Bitcoin to strengthen the strategic reserve desired by Donald Trump. Instead, the BTC already confiscated by authorities, valued at between 15 and 20 billion dollars, will remain untouched. No more sales, but also no new acquisitions, except in the case of judicial seizures.
During an interview on Fox Business, Bessent presented this reserve as a step towards ‘the United States entering the 21st century’. However, he made it clear that the strategy relies solely on seized crypto assets, with no additional drain on public funds. In other words, the reserve will only grow if the government acquires new bitcoins through criminal or civil procedures.
A Crypto Policy a la Trump
This strategic reserve stems from a decree signed by Donald Trump on March 6, 2025. The goal is to centralize around 198,000 BTC already in the possession of the federal government, from confiscations, while leaving aside those that are to be returned to victims of scams. At the same time, a separate ‘stockpile’ has been created for other seized crypto assets.
Trump had initially tasked Bessent and Commerce Secretary Howard Lutnick to ‘find ‘budgetarily neutral’ ways to acquire more bitcoins.’ But this possibility now seems to be off the table, as the reporting deadlines have passed without any public announcement.
No Revaluation of Gold Either
Asked about the 261.5 million ounces of gold held by the United States, officially valued at only 11 billion dollars based on a price from 1973 ($42.22 per ounce), Bessent also dismissed the idea of an accounting revaluation. At market prices, these reserves would be worth nearly 750 billion dollars. Gold will therefore remain a reserve asset without transparent accounting… just like confiscated bitcoin.
Shaken Crypto Markets
Bessent’s statements had an immediate effect. Coupled with hotter-than-expected inflation figures, they triggered a sea of red in the market. Bitcoin dropped from over $121,000 to below $118,000 in less than an hour. Ethereum plunged by over 4%, falling below $4,500.
The American Producer Price Index (PPI), a key indicator of production inflation, rose by 3.3% year-on-year in July, well above expectations (2.5%) and at its highest level since February. On a monthly basis, the increase reached 0.9%, a record since June 2022.
A Clear Message for American Crypto
With this stance, the Trump administration maintains a dual posture: showing symbolic support for Bitcoin by creating a reserve, while avoiding direct spending to fuel it. As a result, the United States already holds one of the largest BTC holdings in the world… but has no intention of actively increasing it.
In a market where every move by Washington can trigger a shockwave, this caution could weigh on the short-term bullish narrative. But it also confirms a reality: for the US government, Bitcoin remains primarily a seized asset… not a strategic investment.
