Bitcoin Magazine CEO Criticizes US Government for Bitcoin Mismanagement

The United States’ reserve of the first cryptocurrency should have exceeded 400,000 BTC, yet Democrats sold a significant portion of the assets at a reduced price, according to Bitcoin Magazine CEO David Bailey.

America should have over 400,000 bitcoin on its balance sheet right now, but instead Democrats sold 187,078 Bitcoin worth $12.5 billion for a paltry $282m. They fumbled generational wealth.

Trump should establish a strategic bitcoin reserve to stop the looting of our nation’s…

— David Bailey?? $0.65mm/btc is the floor (@DavidFBailey) June 18, 2024

He stated that the government at an unspecified time sold “187,078 BTC worth $12.5 billion for a meager $282 million.”

“They squandered generational wealth. [Donald] Trump should create a strategic digital gold reserve to stop the plundering of our country’s future. America should not sell a single bitcoin, and we must reclaim what has already been lost,” Bailey added.

One user in the discussion under the post noted that the US “sold bitcoins for money that can simply be printed.”

Another pointed out the sales of the first cryptocurrency during Trump’s presidency. However, during his term, far fewer assets were sold—about 8,513 BTC.

1/30 the amount…

— David Bailey?? $0.65mm/btc is the floor (@DavidFBailey) June 18, 2024

According to Arkham Intelligence, at the time of writing, US government wallets hold 217,486 BTC valued at $14.7 billion.

In January, the United States announced a planned sale of 2,875 BTC confiscated from Silk Road darknet marketplace drug dealers Ryan Farace and Shaun Bridges.

In early April, a wallet controlled by US authorities initiated a transfer of ~2,000 BTC to a Coinbase Prime address.