The U.S. would be in a better position today if Washington had held onto its seized Bitcoin, according to White House Crypto and AI Czar David Sacks.
In a Thursday post on X, formerly Twitter, the South African-American entrepreneur said that “it has cost American taxpayers not to have a long-term strategy.”
According to Sacks’ calculations, the government has reaped $366 million from selling the asset since authorities began seizing Bitcoin in connection to various crimes. But he estimates the 195,000 Bitcoin that’s already been sold would have gained 4,500% and be worth $17 billion today.
Sacks’ observation comes just one day before industry leaders convene at the White House for a first-ever “crypto summit.” According to sources familiar with the matter that spoke with Decrypt, Sacks is expected to lead the semi-sporadic symposium within the White House.
Infighting among crypto factions has played a role in the Trump Administration’s pivot toward summits over naming a formal council. But on Sunday, Trump named five cryptocurrencies that would be included in his proposed “strategic crypto reserve.”
Trump initially courted voters with promises of establishing a national Bitcoin reserve. He’s since broadened his plans to include altcoins like Ethereum and Solana, as well as XRP and Cardano (ADA)—assets that all faced existential threats under the previous administration.
At the same time, Trump has shifted away from describing the initiative as a “strategic Bitcoin stockpile.” His address to Bitcoin conference attendees in Nashville, Tenn. last summer, mentioned keeping Bitcoin the government had already seized to make the country a “Bitcoin superpower.”
The government conducted its first Bitcoin sale in 2014, selling 29,657 Bitcoin for around $18.7 million, according to a resource created by Jameson Lopp, co-founder and CTO of mobile self-custody firm Casa. That sum would be worth $2.6 billion today.
Sacks’ focus on Bitcoin also mirrors a recent statement from Commerce Secretary Howard Lutnick. He reportedly said “a Bitcoin strategic reserve is something the President’s interested in” earlier this week, adding that he expects an announcement about it Friday.
Trump’s multi-coin reserve may be a tough sell for other politicians, given Bitcoin’s unique portrayal as a store of value, analysts said earlier this week.
Coinbase CEO Brian Armstrong said on X that going Bitcoin-only would “probably be the best option” for simplicity’s sake.
As a co-founder of and partner at Craft Ventures, Sacks’ exposure to digital assets has garnered scrutiny leading up to the White House shindig. The billionaire has said he sold his Bitcoin, Ethereum, and Solana, along with an investment in a crypto asset manager.
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