Crypto Czar David Sacks Explains the Strategic Bitcoin Reserve + US Digital Asset Stockpile

so we have the reserve and we have the stockpile so the reserve is just Bitcoin the goal is long-term preservation think of it as like a digital Fort Knox for digital gold we want to keep it secure we never want to sell it that's the goal of the Reserve at one point in time we had about 400,000 Bitcoin on the federal balance sheet we sold roughly half of that for something like $360 million if we had held all of that just that portion we sold would be worth over 17 billion we don't want to make that mistake with regard to the rest of it we think there's around 200,000 coins left on the federal balance sheet but the truth is that nobody knows because we've never done a proper audit so part of

what this executive order provides is that we're going to do for the first time a government wide accounting of the digital assets that we actually have that's Bitcoin okay so then you got the stockpile the purpose of the stockpile is responsible stewardship it's a place for safekeeping it's a centralized you could say account under the direction of the Secretary of the Treasury and the Secretary of the Treasury will figure out how to maximize the values of these Holdings now there's a couple important differences between stockpile and Reserve so one is we're prohibited from selling the Bitcoin there's no such prohibition with respect to the stock pile if the Secretary of Treasury

decides that's in the long-term interest of the US to rebalance the portfolio or change the portfolio the secretary has the discretion to do that there's one other important difference between stockpile and Reserve so with respect to reserve the EO provides that the secretaries and I'm talking about Treasury and commerce they're allowed to figure out strategies to accumulate more Bitcoin for the reserve if those strategies are budget neutral and don't cost the taxpayer anything