By Holding Onto Its Bitcoin, the U.S. Government Missed Out On Billions in Profits

A recent post by the U.S. Government’s AI and Crypto Czar David Sacks shed light on how the lack of belief of the American government in Bitcoin

The U.S. Government's recent post by their AI and Crypto Czar David Sacks highlighted how the lack of belief in Bitcoin by the American government has led to billions of dollars in missed opportunities for investment, innovation, and global financial leadership.

Over the past decade, the U.S. government has come into possession of Bitcoin, usually seized in criminal cases. According to Sacks, the government sold approximately 195,000 BTC, resulting in a profit of about $366 million.

"The administration never saw the promise of Bitcoin, an innovation that could have helped the U.S. maintain its economic leadership in a rapidly changing world," stated Sacks in a recent post.

The Crypto Czar further criticized past governments for their lack of a long-term digital assets strategy. He emphasized that if the U.S. had chosen to hold onto its BTC, America would own over $17 billion in Bitcoin today.

A shared analysis at Grok revealed that the U.S. Government sold a total of 195,091.75 BTC between June 2014 and March 2023. This included 11 major sales. For example, a 50,000 BTC sale at $380 per Bitcoin in June 2014, yielding $19 million, and another 50,000 BTC sale at $270 per Bitcoin in March 2017, generating $13 million.

If both these 50,000 BTC sales were made today, each sale would amount to over $4.2 billion USD.

Sacks Laying Out the Field For a Strategic Bitcoin Reserve?

As reported earlier, the U.S. Government is preparing for the first-ever Crypto Summit on March 7th. The groundbreaking event will be headlined by Crypto Czar David Sacks and is set to feature several important figures in the industry.

Many in the market are speculating that Sacks is laying out the groundwork to officially introduce the much-awaited United States-backed cryptocurrency reserve during the event.

Sacks' remarks have sparked conversation about Bitcoin's potential role in national reserves and the missed opportunities in adopting a forward-thinking strategy. With the Crypto Summit fast approaching, the anticipation is building to see if Sacks will unveil a transformative plan for the U.S. government's approach to digital assets.