David Sacks says the US may have lost over $16 billion in early liquidation of bitcoins

Business and Finance Business and Finance

Mon, March 10, 2025

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David Sacks says the US may have lost over $16 billion in early liquidation of bitcoins

^{Published on 2025-03-09 16:20:45 - Insider}

Trump's executive order launching a Strategic Bitcoin Reserve marks a shift in US crypto policy, as David Sacks reveals a $16 billion bitcoin misstep.

David Sacks, a notable figure in Silicon Valley and co-founder of PayPal, has criticized the U.S. federal government for missing out on significant revenue by not embracing Bitcoin early on. In a recent discussion, Sacks highlighted that if the government had adopted Bitcoin as a reserve asset when it was first proposed, it could have benefited from the cryptocurrency's dramatic rise in value. He pointed out that instead of selling Bitcoin seized from the Silk Road in 2014 for about $1,000 per coin, if the government had held onto it, those Bitcoins would now be worth billions given Bitcoin's current market value. Sacks argues that this oversight represents a missed opportunity for the government to bolster its financial reserves, especially in light of the growing acceptance and institutional interest in cryptocurrencies.

Read the Full Insider Article at:
[ https://www.businessinsider.com/david-sacks-federal-government-lost-early-sales-bitcoin-crypto-reserve-2025-3 ]

N@N

David Sacks says the US may have lost over $16 billion in early liquidation of bitcoins