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America's $17 billion Bitcoin mistake 😲
White House Crypto Czar David Sacks argued that failing to hold on to its seized Bitcoin has "cost American taxpayers" to the tune of $17 billion.
Stephen Graves
March 06, 2025
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📝 What you need to know
With crypto industry leaders set to convene at the White House for the first ever “crypto summit” Friday, the Trump administration’s Crypto Czar David Sacks that Washington has “cost American taxpayers” $17 billion by failing to stockpile seized Bitcoin.
Sacks’ statement comes as U.S. President Donald Trump prepares to formally announce a strategic crypto reserve holding Bitcoin and other cryptocurrencies. Not everyone’s impressed, though, with Solana founder Anatoly Yakovenko arguing that “No reserve” would be better for decentralization.
Meanwhile, some U.S. states are pressing ahead with their own plans to hold crypto for state finances, with New Hampshire’s Bitcoin reserve bill passing the House committee by a landslide vote.
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💬 Quote of the Day
“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.”
