David Sacks: The US Lost $17 Billion Due to Premature Bitcoin Sales
In the last ten years, the American government has disposed of roughly 195,000 Bitcoins, obtained from illicit actions such as the Silk Road, for approximately $366 million.
David Sacks, an AI and crypto advisor to the White House, emphasized on X that American taxpayers have forfeited a possible $17 billion in Bitcoin earnings since 2013 because of the government’s conservative investment strategy.
Sacks disseminated an evaluation produced by Grok AI (supported by Elon Musk), implying that the United States may be advancing toward creating a national cryptocurrency reserve, possibly under ex-President Donald Trump.
The US government commenced seizing Bitcoin in 2013, with the FBI impounding 11 coins. Since that time, law enforcement organizations have taken control of nearly 195,000 Bitcoins. Records indicate that the US government has traded Bitcoin 11 times in the previous 12 years, unloading 173,000 coins in four significant sales prior to November 2015.
This collection alone would be valued at over $15 billion as of March 6, when Bitcoin reached $89,800. Sacks remarked that “if the government had kept these coins, they would be valued at over $17 billion today,” suggesting the government was too hasty to sell.
At present, the US government is still in possession of 207,000 Bitcoins, which could possibly establish the groundwork for a national cryptocurrency reserve. Aspirations for this were enhanced by an executive decree from then-President Trump in January, entrusting his crypto advisors and regulators such as the SEC with formulating legislation for a Bitcoin reserve.
The former president’s latest pronouncements concerning the incorporation of Bitcoin and other digital currencies into the country’s holdings have sparked debate, especially amongst his backers in Silicon Valley, the center of technological and crypto advancement.
Toncoin (TON) Value Forecast for March 26th
Intriguingly, Bitcoin’s value is approaching the $90,000 threshold anew because of market instability impacting current values. There’s expectation that Trump might reveal a Bitcoin reserve plan at the initial White House Cryptocurrency Conference on the seventh of March. This action could be a turning point, possibly cementing Bitcoin’s significance in the worldwide monetary system.
