The White House revealed that past sales of Bitcoin (BTC) by the United States (US) Government have recorded a loss of US$17 billion or the equivalent of US$17 billion. White House Artificial Intelligence (AI) and Crypto Chief David Sacks said there were more than 195,000 BTC sold for US$366 million.
If the Bitcoin had been kept, it would now be worth more than US$17 billion. Sacks got this information through the Grok chatbot, after doing a search on the history of government Bitcoin sales.
This statement was made in a fact sheet explaining the establishment of the strategic Bitcoin reserve through President Donald Trump's executive order. The document states that the premature sale of Bitcoin has resulted in significant losses to society.
In a statement at the White House crypto summit on Friday (07/03) local time, Trump criticized Bitcoin sales made during the administration of 46th US President Joe Biden. He emphasized that from now on, the US Government will not sell these assets.
“Unfortunately, the US government has sold tens of thousands of Bitcoins in recent years, now worth billions of dollars. These sales largely occurred under the Biden administration, ahead of Trump's inauguration, which had previously considered Bitcoin reserves strategic,” Trump said.
With this move, Trump is committed to changing the way the government manages its Bitcoin holdings, ensuring that the asset will be held as a store of value and not sold in the future.
Juliant
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