- Over the previous 10 years, the federal authorities has bought round 195,000 Bitcoin for $366 million
- Today, that determine can be price over $17 billion
- Sacks mentioned the lack of a “long-term strategy” has cost American taxpayers
White House synthetic intelligence (AI) and crypto czar David Sacks has criticized the US federal authorities’s lack of “long-term strategy” with the sale of confiscated Bitcoin.
In a publish on X, Sacks wrote:
“Over the past decade, the federal government sold approximately 195,000 Bitcoin for proceeds of $366 million. If the government had held the Bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”
Over the previous decade, the federal authorities bought roughly 195,000 bitcoin for proceeds of $366 million. If the federal government had held the bitcoin, it will be price over $17 billion at the moment. That’s how a lot it has cost American taxpayers to not have a long-term technique.
— David Sacks (@davidsacks47) March 6, 2025
Michael Saylor, Strategy’s chairman, responded: “You do not sell your Bitcoin.” Since 2020, Strategy (previously MicroStrategy) has been actively buying Bitcoin. It presently holds 499,096 Bitcoin, valued at $44.72 billion.
Crypto Summit
The remark from Sacks comes because the White House will get able to host its first Crypto Summit.
So far, 20 crypto leaders have been invited to the occasion, which is able to happen on March 7. According to Sacks, they determined to maintain the numbers all the way down to have a “meaningful conversation” relating to crypto insurance policies.
An earlier report means that US President Donald Trump will unveil his plans for a Bitcoin reserve strategy through the roundtable. In an interview, US Commerce Secretary Howard Lutnick mentioned:
“A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”
Some of these attending embrace Vlad Tenev, co-founder and CEO of Robinhood; Arjun Sethi, CEO of Kraken; Brian Armstrong, CEO of Coinbase; Cameron and Tyler Winklevoss, founders of Gemini; and Michael Saylor, government chair of Strategy.
Members of the Presidential Working Group on Digital Assets may also be in attendance.
“Crypto czar”
In December, Trump introduced that Sacks can be the lead coverage advisor on synthetic intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”
Trump wrote that Sacks will take up the position that are “two areas critical to the future of American competitiveness,” including, amongst different issues, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”
As half of his position, Trump added that Sacks will deal with making America a “global leader” in these areas, one thing Trump promised throughout his election marketing campaign in August.
