White House AI and crypto czar David Sacks has criticized the US federal government’s lack of “long-term strategy” with the sale of confiscated Bitcoin

input: White House artificial intelligence (AI) and crypto czar David Sacks has criticized the US federal government’s lack of “long-term strategy” with the sale of confiscated Bitcoin.

As the White House prepares for its first Crypto Summit on Thursday, White House artificial intelligence (AI) and crypto czar David Sacks has criticized the U.S. federal government’s lack of "long-term strategy" with the sale of confiscated Bitcoin.

In a post on X, Sacks wrote: “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.”

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

Michael Saylor, Strategy’s chairman, responded: “You do not sell your Bitcoin.” Since 2020, Strategy (formerly MicroStrategy) has been actively purchasing Bitcoin. It currently holds 499,096 Bitcoin, valued at $44.72 billion.

Crypto Summit

The comment from Sacks comes as the White House gets ready to host its first Crypto Summit.

So far, 20 crypto leaders have been invited to the event, which will take place on Thursday. According to Sacks, they decided to keep the numbers down to have a “meaningful conversation” regarding crypto policies.

An earlier report suggests that President Trump will unveil his plans for a Bitcoin reserve strategy during the roundtable. In an interview, U.S. Commerce Secretary Howard Lutnick said:

“A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”

Some of those attending include Vlad Tenev, co-founder and CEO of Robinhood; Arjun Sethi, CEO of Kraken; Brian Armstrong, CEO of Coinbase; Cameron and Tyler Winklevoss, founders of Gemini; and Michael Saylor, executive chair of Strategy.

Members of the Presidential Working Group on Digital Assets will also be in attendance.

“Crypto czar”

In December, Trump announced that Sacks would be the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”

Trump wrote that Sacks will take up the roles which are “two areas critical to the future of American competitiveness,” adding, among other things, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”

As part of his role, Sacks will focus on making America a “global leader” in these areas, something Trump promised during his election campaign in August.