How Much the U.S. Missed After a Decade of Selling BTC Cheap

• David Sacks criticizes the U.S. government for selling 195,000 BTC over a decade, missing out on $17 billion in potential value
• The U.S. government profited $366 million from Bitcoin sales but could have gained billions more by holding
• Speculation grows as the Crypto Summit may unveil a U.S.-backed cryptocurrency reserve

A recent post by the U.S. Government’s AI and Crypto Czar David Sacks shed light on how the lack of belief of the American government in Bitcoin has cost billions of dollars in missed opportunities for investment, innovation, and global financial leadership.

Throughout the years, the United States has come into possession of Bitcoin, generally seized from criminal cases. According to Sacks, the government sold around 195,000 BTC over the past decade, profiting around $366 million. 

The Crypto Czar later criticized the past governments, due to the lack of long-term digital assets strategy. Sacks emphasized that if the U.S. chose to hold on to its BTC, America would own over $17 billion in Bitcoin today. 

The U.S. Government sold a total of 195,091.75 BTC between June 2014 and March 2023 according to a shared analysis at Grok. This included 11 major sales, such as a 50,000 BTC sale at $380 per Bitcoin, yielding $19 million, and another 50,000 BTC sale at $270 per Bitcoin, generating $13 million.

If both these 50,000 BTC sales were made today, each sale would amount to over $4.2 billion USD.

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Sacks Laying Out the Field For a Strategic Bitcoin Reserve?

As reported earlier, the U.S. Government is getting ready for the first-ever Crypto Summit on March 7th. The groundbreaking event will be headlined by Crypto Czar David Sacks and is expected to host several important figures in the industry. 

Many in the market are speculating that Sacks is laying out the groundwork to officially introduce the much-awaited United States-backed cryptocurrency reserve during the event. 

Sacks’ remarks have reignited discussions about the potential role of Bitcoin in national reserves and the missed opportunities in adopting a forward-thinking strategy. As the Crypto Summit approaches, all eyes are on whether Sacks will unveil a transformative plan for the U.S. government’s approach to digital assets.

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