US crypto czar criticises government's Bitcoin sales

White House crypto czar David Sacks has publicly criticised the U.S. government's past decision to sell confiscated Bitcoin (CRYPTO:BTC), arguing that it was a strategic mistake costing taxpayers billions.

Over the past decade, the government sold approximately 195,000 Bitcoin for $366 million, which would be worth over $17 billion today if held.

"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," Sacks stated, emphasising the lack of a long-term strategy in managing seized Bitcoin.

This criticism comes as the White House prepares for its first crypto summit, where Bitcoin and digital asset policies are expected to be discussed prominently.

The summit, attended by industry leaders like Ripple (CRYPTO:XRP) CEO Brad Garlinghouse and Gemini founders Cameron and Tyler Winklevoss, aims to explore America's evolving cryptocurrency priorities.

There is speculation that the White House may unveil plans for a strategic Bitcoin reserve, potentially including other cryptocurrencies like Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL).

Sacks' comments highlight the ongoing debate about how governments should manage digital assets.

Joe Burnett, head of market research at Unchained, noted that long-term holders shape the market, emphasising that Bitcoin's value is built for generations rather than short-term gains.

The U.S. government currently holds a significant amount of Bitcoin, valued at billions of dollars, which has been subject to debate regarding its management and potential inclusion in a national crypto reserve.

President Trump has expressed ambitions to make the U.S. a leader in crypto and blockchain technology, which includes establishing a strategic crypto reserve.

At the time of reporting, the Bitcoin (BTC) price was $88,111.80.