US Missed $17B in Bitcoin: Sacks's Revelation
US Government Missed Out on $17 Billion in Bitcoin
David Sacks, advisor to former President Trump and prominent figure in the crypto space, recently highlighted a significant missed opportunity for the US government. Sacks revealed on X that the government's sale of seized Bitcoin over the past decade resulted in a potential loss of approximately $17 billion. The government sold roughly 195,000 Bitcoin for approximately $366 million. Had these assets been held, their current value would exceed $17 billion.
Missed Opportunities and the Need for a Strategy
Sacks emphasized the critical need for a long-term strategic approach to managing government-held cryptocurrency, similar to the way gold reserves are handled. This would ensure that these digital assets, which have enormous potential for appreciation, are treated as a long-term investment rather than being liquidated prematurely.
Recent Bitcoin Transfers and Ongoing Concerns
In 2023, US authorities made substantial Bitcoin transfers, with a notable instance involving $1.9 billion in Bitcoin deposited into Coinbase Prime on December 2nd. The exact purpose of these transfers remains unclear, but ongoing concerns about the US Marshals Service's (USMS) ability to manage its crypto holdings add to the urgency. The USMS recently missed a deadline for a report on its handling of 69,370 Bitcoin seized from the Silk Road case, worth around $7 billion. Senator Lummis has been a vocal critic, highlighting significant losses resulting from previous below-market sales. She advocates for the transfer of these assets to the Treasury as part of a potential national Bitcoin reserve.
Current Bitcoin Holdings and the White House Crypto Summit
According to Arkham Intelligence, the US government currently holds approximately 198,109 Bitcoin, worth around $17.5 billion at current market prices. The upcoming White House Crypto Summit, where Sacks will participate alongside other influential figures, is expected to focus on the development of a Bitcoin reserve and related policies.
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