tl;dr
White House Crypto and AI Czar David Sacks believes the U.S. would be better off if it had retained the 195,000 seized Bitcoins, estimating a potential worth of $17 billion today. Sacks' comments precede a "crypto summit" at the White House, where he is expected to lead discussions. President Trump ...
White House Crypto and AI Czar David Sacks suggests that the U.S. would have been better off keeping seized Bitcoin, estimating a potential worth of $17 billion today. Sacks is expected to lead a crypto summit at the White House, with Trump proposing a "strategic crypto reserve" including Bitcoin, Ethereum, Solana, XRP, and Cardano. Commerce Secretary Howard Lutnick also supports the idea of a Bitcoin strategic reserve, despite potential challenges in convincing other politicians. Sacks' involvement in digital assets, including selling Bitcoin and Ethereum, has drawn attention ahead of the White House summit.
White House Crypto and AI Czar David Sacks believes the U.S. would be better off if it had retained the 195,000 seized Bitcoins, estimating a potential worth of $17 billion today. Sacks' comments precede a "crypto summit" at the White House, where he is expected to lead discussions. President Trump has shifted focus from a "strategic Bitcoin stockpile" to a multi-coin reserve, including Ethereum and Solana, with Commerce Secretary Howard Lutnick indicating the President's interest in a Bitcoin strategic reserve. Sacks' involvement in digital assets, including selling his Bitcoin and Ethereum, has drawn attention ahead of the White House event.
The U.S. would be in a better position today if Washington had held onto its seized Bitcoin, according to White House Crypto and AI Czar David Sacks. Sacks believes that the government has reaped $366 million from selling the asset since authorities began seizing Bitcoin in connection to various crimes. But he estimates the 195,000 Bitcoin that’s already been sold would have gained 4,500% and be worth $17 billion today. Sacks’ observation comes just one day before industry leaders convene at the White House for a first-ever “crypto summit.” According to sources familiar with the matter, Sacks is expected to lead the semi-sporadic symposium within the White House.
Trump initially courted voters with promises of establishing a national Bitcoin reserve. He’s since broadened his plans to include altcoins like Ethereum and Solana, as well as XRP and 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.”
Sacks' focus on Bitcoin also mirrors a recent statement from Commerce Secretary Howard Lutnick. He reportedly said “a Bitcoin strategic reserve is something the President’s interested in” 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.
The billionaire has said he sold his Bitcoin, Ethereum, and Solana, along with an investment in a crypto asset manager.