The post Crypto Czar David Sacks Says US Government Lost $17B By Failing to Have Long-Term Bitcoin Strategy appeared on BitcoinEthereumNews.com.

White House Crypto Czar David Sacks has noted that the United States forfeited over $17 billion due to a short-sighted view on Bitcoin. Sacks shared this sentiment on X today, emphasizing the significance of the ongoing discussion regarding the establishment of a national crypto reserve in the U.S. Specifically, he pointed out that the U.S. had liquidated over 195,000 BTC tokens in the last ten years for proceeds totaling only $366 million. Over this ten-year period, the price of Bitcoin continued to soar, rising from a few hundred dollars to the six-figure range. In hindsight, Sacks noted that if the government had held on to the Bitcoin tokens, it could be sitting on a stash worth $17 billion today. “That’s how much it has cost American taxpayers not to have a long-term strategy,” Sacks remarked. 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 US Government Bitcoin Sales Notably, the BTC tokens the government has liquidated over the last decade were crypto assets seized by law enforcement. This included Bitcoin from the infamous dark web portal, Silk Road. The source Sacks cited shows that the U.S. government’s earliest sale occurred in June 2014 when it liquidated 29,657 BTC at $632 per coin. Meanwhile, as of today, 11 years later, these coins would be worth over $2.7 billion. The U.S. government’s largest Bitcoin sales on record includes 50,000 BTC tokens sold in December 2014 and March 2015. Both were exchanged for just $32.5 million. Today, those same tokens would be worth around $9.1 billion. According to the report,…

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Filed under: News - @ March 6, 2025 9:28 pm