Special AI and Crypto Advisor to the President, David Sacks, chats with President Donald J. Trump as he signs executive orders in the Oval Office of the White House on January 23, 2025, in Washington, DC.
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In a post on X, David Sacks, the White House’s Special Crypto and AI Advisor and Silicon Valley venture capitalist, revealed that the bitcoin reserve would be built entirely from bitcoins seized by the government in criminal and civil cases, ensuring taxpayers aren’t burdened financially.
According to estimates, the federal government currently holds approximately 200,000 Bitcoins, a massive amount worth billions of dollars in the current market.
Notably, Trump’s order also mandates a comprehensive inventory of all digital assets held by the US government. It prohibits the sale of Bitcoin from the reserve, firmly establishing Bitcoin’s position as a long-term store of value for the nation.
Additionally, the order establishes a US Digital Asset Reserve, overseen by the Department of the Treasury, to hold other confiscated cryptocurrencies.
Following the news, Bitcoin prices continued their downward trend, falling towards $85,000 USD. Similarly, other top-ten cryptocurrencies saw red.
Source: CoinMarketCap
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Sacks applauded the decision, calling it a milestone in making the US the “crypto capital of the world.” He previously noted that the US had lost out on over $17 billion in potential value by selling seized Bitcoin too early.
The focus now shifts to Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick as they devise strategies for purchasing Bitcoin without burdening the national budget.
– 08:00 07/03/2025
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