David Sacks Slams U.S. Bitcoin Sales, Says Taxpayers Lost Billions

The U.S. government’s handling of confiscated Bitcoin has sparked criticism, with White House crypto advisor David Sacks arguing that past BTC sales were a costly misstep.

He pointed out that while the government raised $366 million from selling seized Bitcoin, holding onto it would have resulted in a massive $17 billion valuation today. Sacks blamed the lack of a long-term strategy for what he sees as a missed financial opportunity.

The debate over government-controlled Bitcoin intensified after authorities moved to liquidate 198,000 BTC from the Silk Road case. Critics argue that treating Bitcoin as a short-term asset ignores its long-term wealth potential. Joe Burnett of Unchained emphasized that Bitcoin’s value isn’t about timing the market but accumulating over generations.

Amid these discussions, Trump’s administration has hinted at a shift in crypto policy. The former president has expressed ambitions to make the U.S. a leader in blockchain innovation, with reports suggesting that a strategic Bitcoin reserve may be in the works. There’s also speculation that capital gains tax reductions for crypto could be introduced as part of this broader push.

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Adding to the anticipation, the White House is set to host a closed-door crypto summit, bringing together key industry figures like Michael Saylor, Brad Garlinghouse, and the Winklevoss twins. While the official agenda remains unclear, many believe the event could mark a turning point in how the U.S. approaches digital assets.

Alexander Stefanov