The Cost of Selling Bitcoin
- Over the past 10 years, the federal government has sold around 195,000 Bitcoin for $366 million
- Today, that figure would be worth over $17 billion
- Sacks criticizes the lack of a “long-term strategy” and its cost to American taxpayers
David Sacks, the White House artificial intelligence (AI) and crypto czar, has raised concerns about the US federal government’s approach to the sale of confiscated Bitcoin. Sacks highlighted the missed opportunity and financial implications of not having a long-term strategy in place.
According to Sacks, if the government had held onto the 195,000 Bitcoin it sold over the past decade for $366 million, it would now be valued at over $17 billion. This lack of foresight, as Sacks points out, comes at a significant cost to American taxpayers.
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.
— David Sacks (@davidsacks47) March 6, 2025
Michael Saylor, the chairman of Strategy, emphasized the importance of holding onto Bitcoin rather than selling it. Strategy, formerly known as MicroStrategy, has been actively accumulating Bitcoin since 2020 and currently holds 499,096 Bitcoin valued at $44.72 billion.
The First Crypto Summit
The criticism from Sacks coincides with the upcoming Crypto Summit hosted by the White House. Scheduled for March 7, the summit will feature discussions with 20 key figures in the crypto industry. Sacks emphasized the importance of having a focused and meaningful conversation about crypto policies at the event.
Reports suggest that US President Donald Trump will unveil plans for a Bitcoin reserve strategy during the summit. US Commerce Secretary Howard Lutnick hinted at the President’s interest in establishing a Bitcoin strategic reserve, a topic that was central to Trump’s campaign promises.
Notable attendees at the summit include Vlad Tenev of Robinhood, Arjun Sethi of Kraken, Brian Armstrong of Coinbase, the Winklevoss twins of Gemini, Michael Saylor of Strategy, and members of the Presidential Working Group on Digital Assets.
The Role of the “Crypto Czar”
In December, Trump appointed David Sacks as the lead policy advisor on artificial intelligence and crypto, designating him the “White House AI and Crypto Czar.” Trump highlighted the importance of these areas for American competitiveness and promised to provide clarity and support for the crypto industry.
Sacks’ focus will be on positioning America as a global leader in AI and crypto, aligning with Trump’s campaign promises to prioritize these sectors. The appointment signals a commitment to fostering innovation and growth in the US crypto industry.
