White House “Crypto Tsar” David Sacks said that the market “reads a little too much” in the mention of President Donald Trump about Solana (SOL), Cardano (ADA) and XRP for the American digital assets stock.
During an interview with Bloomberg Technology, Sacks said:
“The president has just mentioned the top five cryptocurrencies per market capitalization. So I think people just read this a bit too much, he just mentioned the top five. “
He also revealed that the stock includes measures to use or sell the altcoins.
Altcoin Audit
Sacks said that the US government will check its crypto companies and check which altcoins are stored with the authorities. After sorting the Altcoin amounts, the government will move every coin next to Bitcoin (BTC) to the stock for custody.
Sacks estimated that the US currently owns around 200,000 BTC and some Ethereum (ETH), but it is not sure about the rest.
On March 2, Trump, Ada and XRP mentioned in discussing a “crypto strategic reserve”. It was formally the American Digital Asset Stockpile on March 6, when the president signed an executive order About this while a strategic Bitcoin reserve is created at the same time.
Set up and balance again
Sacks emphasized that Scott Bessent, secretary of the American treasury, will then exercise “responsible stewardship” about the altcoins that are kept by the stock.
This includes discretion to re -balance the Altcoin portfolio in the interest of American citizens and possibly deployment.
Sacks explained:
“The secretary of the treasury and his team can exercise portfolio management and responsible stewardship. And yes, that can include, it can re -balance, it can include sales. ”
However, he clarified that this reason will not be applied to the strategic Bitcoin reserve.
The reserve consists of Bitcoin confiscated by criminal and civil forfeiture, preventing the sale, and Sacks said that the US wants a long-term strategy to maximize the value of its BTC interests.
While he emphasizes that the US consider Bitcoin as “scarce, valuable and strategic to keep” as a long-term reserve assets, he said:
“The Bitcoin that we want to keep in the long term, so there is a difference in objective. With the reserve, the goal is long -term retaining; With the stock, the goal is responsible stewardship, portfolio management of assets. “