David Sacks, the White House’s “Crypto Czar,” says the US government missed out on a massive Bitcoin windfall. He claims that if the Department of Justice (DOJ) hadn’t sold off its Bitcoin holdings, the government would be sitting on an extra $16.6 billion today.
A Costly Mistake?
Sacks points out that the government sold around 195,000 Bitcoin for a measly $366 million. That’s a far cry from what those coins are worth now. He argues this lack of a long-term strategy cost American taxpayers billions.
Current Bitcoin Holdings
According to blockchain analytics firm Arkham, the US government currently holds about $17 billion worth of Bitcoin. This is despite the DOJ’s past sales.
Who is David Sacks?
Sacks isn’t just some random crypto guy. He’s a prominent venture capitalist with a history of successful investments in major tech companies like Airbnb, Palantir, and Uber. He previously served as PayPal’s COO.
A Future Crypto Reserve?
Interestingly, President Trump recently announced plans for a US “crypto strategic reserve” including Bitcoin, Ethereum, XRP, Solana, and Cardano.
Bitcoin’s Recent Performance
At the time of writing, one Bitcoin is trading at around $87,104. While it’s down slightly in the last 24 hours, it’s seen a modest increase over the past week.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
