Sacks’ message came on the eve of the White House’s first crypto summit, where Bitcoin is expected to feature prominently on the agenda.
White House crypto czar David Sacks has criticized the US government’s sale of confiscated Bitcoin over the years, referring to it as a strategic mistake that has cost taxpayers billions.
In a March 6 social media post, Sacks said the US government generated $366 million in proceeds from its Bitcoin (BTC) sales over the past decade.
“If the government had held the bitcoin, it would be worth over $17 billion today,” said Sacks. “That’s how much it cost American taxpayers not having a long-term strategy.”
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