David Sacks the White House Crypto Czar today criticized the United States for its past mismanagement of Bitcoin assets which he claims has cost taxpayers approximately $17 billion. Speaking on X he highlighted the drastic financial loss due to the premature sale of 195,000 BTC over the last decade fetching only $366 million at the time. Sacks emphasized the need for a national crypto reserve to prevent future fiscal blunders.

The U.S. government’s hasty sales included significant Bitcoin amounts at low prices such as the sale of 29,657 BTC in June 2014 for just $632 per coin. This loss of potential revenue accentuates the importance of retaining and effectively managing seized crypto assets which could have significantly appreciated in value. With Bitcoin’s price surge from a few hundred dollars to a peak in the six figures the losses are stark.

Sacks’ push for a strategic approach to cryptocurrency is gaining traction as the White House prepares to host a crypto summit with a national crypto reserve on the agenda. This initiative aims to consolidate and potentially expand the U.S. government’s existing crypto assets which currently include 198,109 BTC and other cryptocurrencies totaling over $18 billion according to Arkham data.