The Trump Administration’s Crypto Czar says the US could gobble up more Bitcoin (BTC) to add to its upcoming strategic reserve.
In a new interview on the All-In Podcast, renowned venture capitalist and Crypto Czar David Sacks says that the government would be allowed to purchase more of the top crypto asset by market cap to add to its strategic reserve if certain budgetary conditions are met.
“I’m talking about Treasury and Commerce – they’re allowed to figure out strategies to accumulate more Bitcoin for the reserve if those strategies are budget neutral and don’t cost the taxpayer anything. So it’s possible that we could, I’m not saying that we will, but it authorizes them to acquire more Bitcoin if they can figure out a way to do it that doesn’t impact the federal budget or the deficit or taxpayers.”
Last week, President Donald Trump signed an executive order (EO) creating a strategic Bitcoin and crypto reserve. The EO establishes a national BTC and crypto asset stockpile by holding digital assets seized from criminal activities rather than auctioning them off as had been previous practice.
Also last week, Sacks revealed that the US Federal Government lost out on tens of billions of dollars in Bitcoin growth by previously selling some of the BTC it had in its possession. As stated by Sacks at the time,
“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.”
According to data from market intelligence firm Arkham, the Federal government currently holds about $16.4 billion worth of the flagship digital asset.
Bitcoin is trading for $82,524 at time of writing, a 3.2% decrease on the day.
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