Bitcoin Foundation Chairman Brock Pierce discusses Trump's “crypto-strategic reserve” plan to join “Varney & Co.”
White House Artificial Intelligence (AI) and Crypto Czar David Sacks on Thursday claimed that the lack of a federal government in its “long-term strategy” on Cryptocurrency had a negative impact on American taxpayers.
“In the last decade, the federal government has sold about 195,000 bitcoins with revenue of $366 million. If the government had held Bitcoin, it would be worth more than $17 billion today,” he argued in the X-Post. “It's how much it cost American taxpayers to not have a long-term strategy.”
He pointed out calculations by Grok, an AI chatbot developed by Xai, as the source of those numbers. Xai is an AI company launched in 2023 by Tesla billionaire CEO and X owner Elon Musk.
Trump promises to advance “crypto-strategic reserves” and boost industry
President Donald Trump chose the bag to serve as White House AI and Crypto Czar within his administration in early December. He also leads the “Working Group on Digital Asset Markets,” which the president formed in January through an executive order.
President Donald Trump will speak to members of the South Lawn media before riding a Marine at the White House in Washington, D.C. on February 28, 2025. On Tuesday, the Trump administration imposed tariffs on Canada and Mexico. (Reuters/Nathan Howard/Reuters)
The executive order has appointed several things related to digital assets to the working group. This included “considering the creation and maintenance of national digital asset stockpiles,” and proposed criteria for establishing such stockpiles that could be derived from cryptocurrencies legally seized by the federal government through law enforcement efforts.”
Over the weekend, Trump showed he actually wanted to pursue stockpiling.
“The US cryptocurrency sanctuaries will raise this important industry after years of corruption attacks by the Biden administration. So, my executive order on digital assets has directed the presidential working group to advance cryptocurrency strategic sanctuaries, including XRP, SOL and ADA,” the president said of the true society.
Trump's crypto emperor, Congressman announces moving towards a “golden age” of digital assets
In addition to these tokens, Trump also said Bitcoin and ether would become the “heart” of strategic reserves.
In this picture, a visual representation of Bitcoin is on display in Paris on November 12th, 2024. (Photo illustrations by Chesnot/Getty Images/Getty Images)
Bitcoin has posted a price of almost 5.5% over the past five days. Other cryptocurrencies mentioned by Trump have seen an increase in its time frame, with Cardano jumping nearly 41% and XRP rising 19.8%.
The White House was holding a crypto summit on Friday, and the administration said it would feature “a member of the crypto industry's prominent founders, CEOs, investors and presidents on digital assets.”
Trump was scheduled to hold a crypto summit at the White House
Sacks wrote to X that there is “more to come at the summit” regarding cryptocurrency strategic reserves.
Zenefits CEO David Sacks will speak at the 2016 TechCrunch held in San Francisco on September 13th, 2016. (Reuters/Beckdiefenbach/Reuters)
The president says he wants to make America “the world's crypto capital.”
Anders Hagstrom contributed to this report.
