Michaela
White House AI and Crypto Czar David Sacks has criticized the U.S. government’s sale of Bitcoin, arguing that liquidating confiscated holdings over the years was a strategic misstep that cost taxpayers billions in potential value.
In a post on X, Sacks voiced his frustration over the government’s handling of its Bitcoin holdings, claiming that past sales brought in $366 million but could have been worth significantly more if retained.
“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,” Sacks wrote, arguing that the lack of a “long-term strategy” has cost American taxpayers significantly.
In January, the Department of Justice (DOJ) was authorized to sell 198,000 BTC seized from Silk Road, the darknet marketplace shut down in 2013. The move faced criticism from the crypto community, with many arguing that liquidating the assets failed to account for Bitcoin’s long-term value potential.
Despite this, the U.S. government still retains a significant portion of confiscated Bitcoin, sparking ongoing debate about how these holdings should be managed—particularly following Donald Trump’s presidential victory in November.
Sacks’ remarks prompted reactions from both the broader crypto community and key industry figures, fueling further debate on the government’s handling of Bitcoin holdings.
MicroStrategy co-founder Michael Saylor responded to David Sacks’ post with a brief but pointed remark: “You do not sell your Bitcoin.” His comment aligns with his long-standing advocacy for holding Bitcoin as a long-term asset rather than liquidating it.
Bitcoin advocate Jane Adams stated that the government’s previous Bitcoin sales were not just an example of mismanagement but rather “theft.” “Imagine what could’ve been done with that wealth if only they had a clue about long-term strategy,” Adams wrote.
President Trump pledged to position the United States as a global leader in cryptocurrency and blockchain technology. As part of this vision, he has proposed the creation of a strategic crypto reserve, granting Bitcoin a unique status within the country’s financial framework. This initiative aligns with his broader push to integrate digital assets into national economic policy and strengthen the U.S. presence in the evolving blockchain industry.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
