On Friday at FNC's “Honity,” Trump's Artificial Intelligence and Cryptocratic Currency Emperor David Sachs promoted cryptocurrency as a federal value store.
According to Sacks, the federal government had acquired Bitcoin through civil and criminal seizures and confiscations. He told host Sean Hannity that Bitcoin should be kept safe as it is on the federal balance sheet.
“Okay. I've invested in Bitcoin and Ethereum so I had a lot to ask you,” said Hannity. “I saw variation. If I tried an hour to explain the Bitcoin algorithm to me and spent hours trying to get this through my thick skull by friends, it won't permeate my brain's mindset. And I'll never get it. But it has proven to be a pretty good investment for me. What are you making about the president's crypto and what do you make about the fluctuations in the crypto market?”
Sack replied, “Well, Sean, it's fine to be here. You're right. That means Bitcoin has proven over time to be a very good investment. It's proven to be very safe. That means that all you need to know about the security of the protocol is that it works. That means Bitcoin has now been around for over 15 years. The price has basically risen from zero to around $90,000 per coin, something like digital gold and I want to keep it in Digital Fort Knox. Well, what we're talking about is Bitcoin already on the federal government's balance sheet. So the federal government, as a result of citizens and criminal seizures and confiscations, has accumulated around 400,000 bitcoins over the past decade. Unfortunately, the federal government sold about half of that at a very low price.”
“I think we made something like under $400 million, under $400 million, and if we had held that Bitcoin, it would be worth more than $17 billion today,” he continued. “So there was no long-term strategy because taxpayers are heartily costing them. So, President Trump signed an executive order that he spoke about it in the Crypto Summit to create a strategic Bitcoin Reserve. I think there are around 200,000 bitcoins left. We want to maximize their value, and the way you do them is you keep them for the long term. That's what we're doing, creating a digital Fort Knox. Just one more thing to say. This is because no one has done a complete and full accounting or auditing, so you don't need to be sure you know that 200,000 bitcoins are still there.
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