| Key Points: – White House crypto czar David Sacks confirmed that the U.S. government views Bitcoin as a scarce. – The administration will audit its crypto reserves while denying plans to sell gold for Bitcoin purchases. |
White House-appointed crypto czar David Sacks has reinforced the U.S. government’s position on Bitcoin, describing it as a scarce and valuable digital asset that could serve as a long-term reserve.
The statement follows former President Donald Trump’s recent mention of major cryptocurrencies, including Solana (SOL), Cardano (ADA), and XRP may be included in the U.S. crypto strategic reserve.
Crypto Czar David Sacks Recognizes Bitcoin as a Strategic Reserve Asset
In a March 7 interview with Bloomberg Technology, crypto czar David Sacks emphasized Bitcoin’s significance, stating:
“Bitcoin is scarce, it’s valuable, and that it’s strategic for the United States to hold on to this as a long-term reserve asset.”
Additionally, he disclosed that the government plans to assess and categorize its altcoin holdings, with non-Bitcoin assets being moved into the newly established U.S. Digital Asset Stockpile.
Contrary to recent speculation, Sacks clarified that the U.S. government has no plans to liquidate its gold reserves to purchase Bitcoin.
“There have been no discussions about selling gold to buy Bitcoin. The Treasury and Commerce Departments will evaluate any future decisions regarding Bitcoin accumulation, but no official talks have been held yet,” he stated.
Regulatory Outlook and Political Implications
Sacks also addressed speculation surrounding the government’s digital asset stockpile, confirming that while the administration holds approximately 200,000 Bitcoin, there has never been a comprehensive audit to determine the precise amount.
His remarks aligned with the administration’s initiative to establish a crypto strategic reserve, which was formalized through an executive order on March 6, creating both the U.S. Digital Asset Stockpile and a separate Strategic Bitcoin Reserve.
Crypto czar David Sacks, a former investor in cryptocurrency ventures, confirmed that he liquidated all his digital holdings, including Bitcoin, Ethereum, and Solana, prior to assuming his current role. By mid-2024, He had publicly supported Trump, arguing that regulatory clarity is the most pressing issue for the crypto industry.
Sacks suggested that a Trump administration would provide a clearer and more favorable regulatory framework, whereas a Harris administration would likely continue regulatory crackdowns under SEC Chair Gary Gensler and maintain opposition from figures such as Senator Elizabeth Warren.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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