‘We’ve decided Bitcoin is scarce, it’s valuable’ for US strategic reserve — David Sacks

Regarding ETH, SOL, XRP and ADA, “The president just mentioned the top five cryptocurrencies by market cap, so I think people are just reading into this a little bit too much,” said Sacks.

White House crypto czar David Sacks has further elaborated on the US government’s decision to treat Bitcoin as a special reserve asset, calling it a “scarce” digital resource that could benefit the country over the long term. 

In a March 7 interview with Bloomberg Technology, Sacks said, “We’ve decided that Bitcoin is scarce, it’s valuable, and that it’s strategic for the United States to hold on to this as a long-term reserve asset.”

Sacks was referring specifically to the roughly 200,000 Bitcoin (BTC) currently in the US government’s possession. However, he acknowledged that the exact number of BTC held by the government is unknown because there’s never been a comprehensive audit.

Read more