David Sacks, in collaboration with Grok, calculated the losses the US Government incurred by selling Bitcoin over the past decade.
Over $17 Billion in Losses Due to Bitcoin Sales
Over the past decade, the US Federal Government sold approximately 195,000 BTC for around $366 million. Today, these coins would be worth over $17 billion. Sacks concluded that this represents the cost American taxpayers incurred due to a lack of long-term strategy.
Research Process
To obtain these figures, Sacks asked Grok questions about the periods and conditions under which Bitcoin was sold. Grok used a deep search strategy, analyzing BTC sale dates, total amounts, and current values, recalculating opportunity costs and discrepancies.
Main Conclusions of Bitcoin Sales Analysis
1. The US Government sold BTC from June 27, 2014, to March 14, 2023. 2. The total sold was about 195,091.75 BTC. 3. The total proceeds from the sales were almost $366.5 million. 4. If held, the BTC would be worth approximately $17.5 billion today. 5. The government missed out on over $17.2 billion in potential profits.
The US Government sustained significant losses from premature Bitcoin sales, highlighting the need for a comprehensive approach to managing digital assets.
