Washington’s seized assets would have put the U.S. in a stronger position today had it held on to them. BitcoinAccording to White House Crypto-and AI Czar David Sacks.
It’s Thursday Post by The South African-American entrepreneur who founded X (formerly Twitter) said this “it has cost American taxpayers not to have a long-term strategy.”
Sacks estimates that since authorities started seizing Bitcoins in connection with various crimes, they have made $366,000,000 from the sale of the cryptocurrency. But Sacks estimates that 195,000 Bitcoins, which have already been purchased by the government in connection with various crimes, would now be worth over $17 billion.
Sacks’ observation comes one day after industry leaders gather at the White House to discuss a first-ever “crypto summit.” The sources that have spoken with DecryptSacks, the White House’s semi-sporadic speaker for the event is likely to be Sacks.
The Trump Administration has shifted its focus to summits rather than naming an official council due to the infighting between crypto groups. On Sunday, Trump Name He proposed five crypto currencies that would be part of his proposal “strategic crypto reserve.”
Trump in the first courted voters With promises to establish a national Bitcoin Reserve. His plans have since been expanded to include other altcoins, such as Ethereum You can also find out more about the following: SolanaAlso, The XRP currency is a cryptocurrency that can be used to buy and sell goods. You can also find out more about the following: Cardano (ADA)—assets that all faced Existential threats Under the previous administration
At the same time, Trump has shifted away from describing the initiative as a "strategic Bitcoin stockpile.” His address to Bitcoin conference attendees in Nashville, Tenn. last summer, mentioned keeping Bitcoin the government had already seized to make the country a “Bitcoin Superpower”
The government conducted its first Bitcoin sale in 2014, selling 29,657 Bitcoin for around $18.7 million, according to a resource created by Jameson Lopp, co-founder and CTO of mobile self-custody firm Casa. That sum would be worth $2.6 billion today.
Sacks' focus on Bitcoin also mirrors a recent statement from Commerce Secretary Howard Lutnick. He reportedly said “A Bitcoin reserve would be of interest to the president” earlier this week, adding that he expects an announcement about it Friday.
Trump’s multi-coin reserve may be a tough sell for other politicians, given Bitcoin’s unique portrayal as a store of value, analysts said earlier this week.
Coinbase CEO Brian Armstrong said on X that going Bitcoin-only would “It’s probably the easiest option.
Sacks has been scrutinized for his exposure to digital assets as a partner and co-founder at Craft Ventures. The billionaire is a The following are some of the ways to get in touch with each other The investor sold Bitcoins, Ethereum, Solana and an investment into a cryptocurrency asset manager.
