Bessent states: What does the U.S. establishing a Bitcoin strategic reserve and policy shift mean

U.S. Treasury Secretary Janet Yellen recently revealed in an interview that the U.S. government has established a Bitcoin strategic reserve. It will not actively purchase Bitcoin but will hold confiscated Bitcoin without selling. This statement marks an important shift in the U.S. government’s attitude toward crypto assets, transitioning from previous avoidance and denial to a clear strategic holding.

Implications Behind the Policy Shift

From Opposition to Holding

Yellen’s statement represents a substantial adjustment in the stance of the U.S. government. Previously, the U.S. government adopted a cautious or even negative attitude toward cryptocurrencies like Bitcoin. Now, explicitly stating that it will establish a strategic reserve and hold it long-term is a significant policy signal.

This shift did not happen suddenly. According to recent reports, the U.S. government holds a certain amount of Bitcoin, mainly confiscated by law enforcement agencies. Yellen’s remarks effectively institutionalize and strategize this practice, acknowledging Bitcoin’s value as an asset.

Practical Significance of the Strategic Reserve

Yellen emphasized that “not purchasing Bitcoin” is a key point. This means the U.S. government will not actively enter the market to push prices higher but will passively hold existing assets. This approach avoids suspicions of government market intervention and provides institutional backing for Bitcoin’s long-term value.

The commitment not to sell for the long term is even more important. It indicates that the U.S. government views Bitcoin as a strategic asset, similar to gold reserves, rather than a trading commodity. This attitude shift could influence other governments’ perspectives on crypto assets.

Macro Context and Pressure

Fiscal Conditions Driving Policy Adjustment

According to relevant information, the U.S. is currently facing significant fiscal pressure. U.S. tariff revenue has declined from $34.2 billion in October to $30.2 billion in December, well below initial government expectations. Meanwhile, the U.S. national debt continues to grow.

Against this backdrop, the U.S. government is adjusting its attitude toward various assets. Holding Bitcoin as a strategic reserve can increase asset reserves without additional fiscal expenditure and benefit from long-term appreciation. It is a pragmatic fiscal strategy.

Bitcoin’s Current Market Position

According to the latest data, Bitcoin’s current price is $90,696.20, with a market capitalization of $1.81 trillion, accounting for 58.28% of the entire cryptocurrency market. Such market size and status have made Bitcoin an asset class that cannot be ignored.

Potential Market Impact

Increased Institutional Recognition

This attitude shift by the U.S. government could further enhance Bitcoin’s recognition among institutions. When the world’s largest economy’s government explicitly states it will hold Bitcoin long-term, it sends a strong institutional signal to global financial institutions.

National-Level Follow-Through Effect

The U.S. government’s move to establish a Bitcoin strategic reserve may trigger other countries’ governments to follow suit. This “nation-level recognition” diffusion is expected to further solidify Bitcoin’s status as a sovereign asset.

Summary

Yellen’s statement signifies a fundamental change in the U.S. government’s attitude toward Bitcoin, from avoidance to explicit strategic holding. This policy shift reflects Bitcoin’s rising status in global finance and demonstrates the U.S. government’s pragmatic choice amid fiscal pressures.

Key points include: viewing Bitcoin as a strategic asset rather than a trading commodity; the long-term hold and non-sale commitment providing institutional backing; this shift potentially increasing Bitcoin’s global institutional recognition; and future attention to follow-up actions by other countries and central banks.

It is worth noting that the U.S. Supreme Court is scheduled to rule on the legality of government tariff policies on January 9, which could further impact the U.S. fiscal situation and asset allocation strategies.