White House artificial intelligence (AI) and crypto czar David Sacks has criticized the US federal government’s lack of “long-term strategy” with the sale of confiscated Bitcoin.

In a post on X, Sacks wrote:

“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.”

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, Strategy’s chairman, responded: “You do not sell your Bitcoin.” Since 2020, Strategy (formerly MicroStrategy) has been actively purchasing Bitcoin. It currently holds 499,096 Bitcoin, valued at $44.72 billion.

Crypto Summit

The comment from Sacks comes as the White House gets ready to host its first Crypto Summit.

So far, 20 crypto leaders have been invited to the event, which will take place on March 7. According to Sacks, they decided to keep the numbers down to have a “meaningful conversation” regarding crypto policies.

An earlier report suggests that US President Donald Trump will unveil his plans for a Bitcoin reserve strategy during the roundtable. In an interview, US Commerce Secretary Howard Lutnick said:

“A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”

Some of those attending include Vlad Tenev, co-founder and CEO of Robinhood; Arjun Sethi, CEO of Kraken; Brian Armstrong, CEO of Coinbase; Cameron and Tyler Winklevoss, founders of Gemini; and Michael Saylor, executive chair of Strategy.

Members of the Presidential Working Group on Digital Assets will also be in attendance.

“Crypto czar”

In December, Trump announced that Sacks would be the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”

Trump wrote that Sacks will take up the role which are “two areas critical to the future of American competitiveness,” adding, among other things, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”

As part of his role, Trump added that Sacks will focus on making America a “global leader” in these areas, something Trump promised during his election campaign in August.

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Trump’s crypto czar says lack of Bitcoin “long-term strategy” has cost taxpayers billions

Source: https://coinjournal.net/news/trumps-crypto-czar-says-lack-of-bitcoin-long-term-strategy-has-cost-taxpayers-billions/

US President Donald Trump has signed an executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

White House AI and crypto czar David Sacks posted a message on X on March 7 highlighting the news. He said:

“The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”

Sacks estimated that the US government holds around 200,000 Bitcoin; “however, there has never been a complete audit,” Sacks added.

“The US will not sell any Bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold,” said Sacks.

Yesterday, Sacks said that over the past 10 years, the federal government had sold around 195,000 Bitcoin for $366 million. Today, that figure would be worth around $17 billion. According to Sacks, this lack of “long-term strategy” regarding Bitcoin has cost American taxpayers billions.

JUST NOW!

President Trump signs an Executive Order establishing the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile 🇺🇸 pic.twitter.com/N9p2sQknVS

— Margo Martin (@MargoMartin47) March 7, 2025

Digital Asset Stockpile

In addition to the Strategic Bitcoin Reserve, Trump’s executive order establishes a Digital Asset Stockpile.

Sacks noted that this will consist of digital assets other than Bitcoin forfeited in criminal or civil proceedings.

“The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings,” he added.

Earlier this month, Trump posted on Truth Social that a crypto reserve would hold Cardano, XRP, and Solana. He later added that Bitcoin and Ethereum would “be the heart of the Reserve.”

Upon hearing that Solana will be added to the crypto reserve, Solana Labs co-founder and CEO Anatoly Yakovenko said he’d prefer no reserve. Posting on X, he added: “because if you want decentralization to fail you’d put the government in charge of it.”

My reserve order of preference

1. No reserve, because if you want decentralization to fail you’d put the government in charge of it.

2. Or states run their own reserve as a hedge against the fed making a mistake

3. Or if there has to be a reserve, it’s based on objectively… https://t.co/LfYXCIeRnG

— toly 🇺🇸 (@aeyakovenko) March 6, 2025

The post President Trump signs executive order for a Strategic Bitcoin Reserve appeared first on CoinJournal.

President Trump signs executive order for a Strategic Bitcoin Reserve

Source: https://coinjournal.net/news/president-trump-signs-executive-order-for-a-strategic-bitcoin-reserve/

Crypto prices remained unchanged on Friday after US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.

Data from CoinMarketCap shows Bitcoin is trading around the $88,000 mark, dropping over 1.50% in the last 24 hours.

Ethereum, XRP, Solana, and Cardano have also remained relatively flat following the news. Solana saw the biggest drop, 5% over 24 hours, and is currently trading at $142. Earlier this month, Trump revealed that these would be the coins included in the crypto reserve.

Notably, these coins weren’t mentioned in Trump’s executive order detailing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which he signed on March 6.

A “compromise”

In a post on X, White House artificial intelligence (AI) and crypto czar David Sacks said:

“The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”

Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve.

The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it…

— David Sacks (@davidsacks47) March 7, 2025

Sacks also indicated that the executive order authorized the Secretaries of Treasury and Commerce “to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

In response, Michael Saylor, chair and CEO of Strategy, said: “I have a few budget-neutral strategies for acquiring additional Bitcoin.”

With the news of the Strategic Bitcoin Reserve not pushing prices higher, TD Cowen analysts said they considered this a positive move from the White House, adding:

“We view this as a compromise. The government is not spending taxpayer dollars to acquire new digital assets. It is simply not selling the ones that it seizes.”

The post Crypto prices fall despite Trump’s Bitcoin reserve plan appeared first on CoinJournal.

Crypto prices fall despite Trump’s Bitcoin reserve plan

Source: https://coinjournal.net/news/crypto-prices-fall-despite-trumps-bitcoin-reserve-plan/

US President-elect Donald Trump is reportedly planning to sign an executive order designed to prioritize crypto as his inauguration day approaches.

Citing people familiar with the matter, the order enables industry insiders to work with agency regulators. It could also create a crypto advisory council, reports Bloomberg.

An earlier report from The Washington Post suggests Trump is expected to sign executive orders – on the first day of his presidency – focusing on crypto de-banking and the repeal of crypto accounting policies requiring banks holding digital assets to count them as liabilities.

Trump, who will be inaugurated on January 20, has enjoyed strong support from the crypto industry. During his campaign trail, he promised to make the US the “crypto capital” of the world, and was the recipient of a $2 million Bitcoin donation from Cameron and Tyler Winklevoss and a $1 million Ethereum donation from Jesse Powell, co-founder of Kraken.

Since winning the US election in November, the crypto market has rallied with Bitcoin hitting a new all-time high of over $108,000.

Trump has also selected several pro-crypto candidates within his incoming administration, including crypto czar David Sacks, Bo Hines as executive director of the Presidential Council of Advisers for Digital Assets, and Paul Atkins as the next US Securities and Exchange Commission (SEC) chair.

Earlier this week, Republican commissioners at the SEC indicated they were set to revise the agency’s crypto policies as Trump prepares to enter the White House next week.

Pushing American tech

Despite facing regulatory hurdles, the crypto market has also seen positive growth under President Joe Biden’s administration.

At the beginning of 2024, for instance, the SEC approved the first US spot exchange-traded funds (ETFs), which have since expanded the market. BlackRock’s IBIT Bitcoin ETF currently accounts for more than 559,000 Bitcoin, valued at $56.2 billion, according to iShares data.

However, with the new incoming administration, Trump is keen to push American technology companies to the front.

Speaking on this, Kara Calvert, vice-president for US policy at Coinbase Global, said: “What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signalling to other countries is to be careful, or you won’t keep up.”

At the time of publishing, Bitcoin is back within the $100,000 territory, trading at around $102,000.

The post Trump to make crypto a priority with executive order appeared first on CoinJournal.

Trump to make crypto a priority with executive order

Source: https://coinjournal.net/news/trump-to-make-crypto-a-priority-with-executive-order/