David Sacks criticizes US government for selling Bitcoin seized from Silk Road

From Cointelegraph

March 6, 2025 2:35 PM:

White House crypto czar David Sacks criticizes US government’s sale of confiscated Bitcoin, calling it a mistake costing taxpayers billions. The government made $366 million from Bitcoin sales over the past decade, missing out on $17 billion in potential value. Joe Burnett emphasizes the importance of long-term Bitcoin holding for market stability.

The Department of Justice received approval to sell 198,000 seized BTC from Silk Road, sparking criticism from the crypto community. Despite the decision, the US government still holds the confiscated Bitcoin. President Trump aims to make America a leader in crypto and blockchain technology.

Sacks’ message comes ahead of the White House’s first crypto summit, inviting over 20 industry leaders to discuss evolving cryptocurrency priorities. Ripple CEO Brad Garlinghouse and Gemini founders are among the attendees. Speculation suggests that the White House may unveil plans for a strategic Bitcoin reserve during the summit.

Read more at Cointelegraph: David Sacks laments US government’s sale of Bitcoin