Bessent had told reporters during a television interview in the morning that the Strategic Bitcoin Reserve would remain at its current level.
He said the reserve would consist of approximately $15 billion to $20 billion in Bitcoin that the government already controls, most of which was seized in criminal cases.
Bessent also indicated that there were no active plans to purchase more Bitcoin for the reserve.
Bessent did not clarify what a budget-neutral strategy might look like. In fiscal policy, that typically means finding ways to fund purchases without increasing the federal deficit, such as liquidating other assets, reallocating existing appropriations, or creating revenue streams to offset the cost.
Supporters see it as a way to diversify national reserves, provide a hedge against inflation, and strengthen the country’s position in global currency competition. The program currently relies on Bitcoin confiscated by law enforcement as its base supply.
The change in tone came during a volatile trading session. Bitcoin reached a new record high above $124,000 overnight before falling back to about $117,000 later in the day.
The drop followed stronger-than-expected wholesale inflation data, which reduced market expectations that the Federal Reserve could cut interest rates in September.
Bessent’s comments also come amid leadership changes in the administration’s digital asset policy team. Earlier this month, Bo Hines, who led the White House Council of Advisors on Digital Assets and helped design the reserve framework, left his position.
His exit has prompted speculation about potential adjustments to the program’s scope and timing.
