US Treasury Secretary Scott Bessent stated that the Treasury Department is still looking at budget-neutral ways to acquire Bitcoin for the Strategic Bitcoin Reserve, countering previous comments that suggested the plan might be abandoned, which led to a significant market sell-off. Bessent emphasized that the foundation of this reserve would include Bitcoin forfeited to the government. Concerns arose regarding the slow pace of the Strategic Bitcoin Reserve, with fears that the Treasury may not fulfill its commitments. Earlier comments from Bessent led to a $55 billion decline in Bitcoin's market cap within 40 minutes, as the cryptocurrency's value dropped to $118,886. Despite clarifications, skepticism remains among Bitcoin community members, questioning the Treasury's resolve and timely actions. Bessent confirmed the U.S. does not plan to sell its existing Bitcoin holdings, which are valued between $15 billion and $20 billion, aligning with estimates from BitBo's Bitcoin Treasuries dashboard.

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