David Sacks says market ‘reading too much’ into Trump mentioning altcoins
The post David Sacks says market ‘reading too much’ into Trump mentioning altcoins appeared on BitcoinEthereumNews.com.
White House “Crypto Czar” David Sacks said the market is “reading a little bit too much” into President Donald Trump’s mention of Solana (SOL), Cardano (ADA), and XRP for the US Digital Asset Stockpile. During an interview with Bloomberg Technology, Sacks said: “The President just mentioned the top five cryptocurrencies by market cap. So I think people are just reading into this a little bit too much, he just mentioned the top five.” He also revealed that the stockpile includes measures to stake or sell the altcoins held in it. Altcoin audit Sacks said the US government will audit its crypto holdings and check which altcoins are stored with the authorities. After sorting the altcoin amounts, the government will move every coin besides Bitcoin (BTC) to the Stockpile for safekeeping. Sacks estimated that the US currently holds roughly 200,000 BTC and some Ethereum (ETH), but he is unsure about the rest. On March 2, Trump mentioned SOL, ADA, and XRP when discussing creating a “Crypto Strategic Reserve.” It formally became the US Digital Asset Stockpile on March 6, when the President signed an executive order on the matter while simultaneously creating a Strategic Bitcoin Reserve. Staking and rebalancing Sacks highlighted that Scott Bessent, Secretary of the US Treasury, will then exercise “responsible stewardship” over the altcoins held by the Stockpile. This includes discretion to rebalance the altcoin portfolio in the best interest of US citizens and potentially staking. Sacks explained: “The Secretary of the Treasury and his team will be able to exercise portfolio management and responsible stewardship. And yes, that could include staking, it could include rebalancing, it could include sales.” However, he clarified that this rationale will not be applied to the Strategic Bitcoin Reserve. The Reserve consists of Bitcoin seized through criminal and civil forfeiture, preventing its…
Filed under: News - @ March 7, 2025 8:23 pm