White House Crypto Czar David Sacks criticized the US government’s sale of Bitcoin confiscated in recent years, referring to it as a strategic mistake worth taxpayers.
In a social media post on March 6, Sacks said the US government has formed $ 366 million in its proceeds from Bitcoin (itsBtc) sale over the past decade.
“If the government held Bitcoin, it would cost more than $ 17 billion today,” Sacks said. “That is how much it costs American taxpayers without having a long -term approach.”
Source: David Sacks
The ignorance of treating Bitcoin as a short-term trade was highlighted by Joe Burnett, the head of market research unchained.
“Long -term holders are shaping the market,” Burnett told Cointelegraph in a written statement. “Bitcoin is not about the timing in the market. It’s about time on the market. In short, the price of Bitcoin will swing, but its real value is built for generations.”
In January, the Department of Justice received green light To sell the 198,000 BTC it obtained from Silk Road, the Darknet Marketplace was shuttering in 2013. The decision was widely panored through the crypto community due to shortness and not carefully weighing the long-term impact of Bitcoin’s wealth.
However, the US government continues to hold the confiscated Bitcoin. Stockpile status has been subject to debate ever since Donald Trump got the US presidency in November.
Trump has promised to make America the world leader of crypto and blockchain technology, which includes the adoption of a strategic crypto reserve A special status for bitcoin.
Related: President Trump said to include Crypto Reserve to include BTC, ETH, Sol, XRP, Ada
The timing of the sacks is not by chance
Sacks delivered his message on the eve of White House’s first crypto summitwhere more than 20 industry leaders were invited to discuss the emerging priorities of American cryptocurrency.
The confirmed to attend Ripple CEO Brad Garlinghouse, Strategy Founder Michael Saylorand Gemini founders Cameron and Tyler Winklevoss.
According to SakoThe White House has chosen to keep the attendant list small to facilitate a “significant conversation” around the rules and techniques of the digital asset.
Source: Paolo Ardoino
There is a growing speculation that the White House will open plans for a strategic Bitcoin reserve during the March 7 summit. Not confirmed Report It is also suggested that the president considers the decline or removal of taxes that get taxes on Bitcoin and Crypto holders.
However, to this day, the brightest indication provided Through the sacks the industry representatives will meet with President Trump’s working group in digital assets.
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