Senator Cynthia Lummis (R-WY) has thrown her support behind U.S. Treasury Secretary Scott Bessent’s recent statements on Fox News regarding the country’s Strategic Bitcoin Reserve (SBR). In a recent interview with Maria Bartiromo, Bessent revealed that the U.S. will not be purchasing Bitcoin outright for the reserve, but instead will be using confiscated assets as a store of value.
Lummis took to social media to express her approval of Bessent’s approach, calling it “spot on” in terms of identifying a budget-neutral plan to increase America’s Bitcoin reserve. She emphasized the importance of finding innovative ways to build the reserve without adding to the national debt.
In response to Bessent’s comments, Lummis stated, “@SecScottBessent is right: a budget-neutral path to building SBR is the way. We cannot save our country from $37T debt by purchasing more bitcoin, but we can revalue gold reserves to today’s prices & transfer the increase in value to build SBR.”
Despite Bitcoin reaching an all-time high above $124,000, its value dipped slightly to around $117,000 by Friday. Bessent’s announcement that confiscated Bitcoin will form the foundation of the Strategic Bitcoin Reserve established by President Trump in March may disappoint some Bitcoin holders hoping for government purchases.
In a follow-up statement on X, Bessent reiterated the government’s commitment to exploring budget-neutral ways to acquire more Bitcoin and expand the reserve. He emphasized the administration’s goal of making the United States the leading “Bitcoin superpower of the world.”
Overall, Lummis and Bessent are aligned in their belief that a strategic and fiscally responsible approach is necessary to bolster the country’s Bitcoin holdings. By leveraging confiscated assets and exploring innovative pathways to grow the reserve, the U.S. aims to maintain its position as a global leader in the digital currency space.