Sacks on Trump’s Crypto Summit: ‘Bitcoin Has Proven Over Time To Be a Good Investment’ and Very Secure

RUSH TRANSCRIPT:
Hannity: “Tonight, “more big news from the White House. It was announced a $285 billion investment in manufacturing inside the U.S. Meanwhile, the president’s brand-new Bitcoin reserve is up and running ahead of Trump’s crypto summit from earlier today. Here to break it down, the presidents AI and crypto leader is with us. I’ve got a lot to ask you because I did invest in Bitcoin and in theory him, I watched the fluctuations. If you tried for the entire hour to explain to me Bitcoin algorithm and I have had friends spend hours trying to get this through my thick skull. You will never be able to penetrate the way my brain thinks and I will never get an understanding of it. However,, it has proven to be a pretty good investment for me. What you make of the presidents crypto and what you make of the fluctuations in the crypto market?”

SACKS: “Good to be here. You are right, Bitcoin has proven over time to be a very good investment and has proven to be very secure. The thing you need to know about the security and the protocol is that it has worked. Bitcoin has been around for over 15 years, the price has gone up from basically zero to roughly $90,000 per coin. And we think this stuff is scarce, it’s like digital gold and we want to keep it in a digital fort knox. But we are talking about is Bitcoin that is already on the federal balance sheet. The federal government as a result of civil and criminal seizures and forfeitures had accumulated roughly 400,000 Bitcoin over the past decade. And unfortunately, the federal government sold off roughly half of that at very low prices. I think we made something like $400 million or less than $400 million and if we had held that Bitcoin it would be worth over $17 billion today which has cost taxpayers dearly and we do not have a long-term strategy. So president from has signed an executive order which we talked about at the crypto summit to create a strategic Bitcoin reserve. We think we have about 200,000 Bitcoin left and we want to maximize the value of those in the way you do is you hold them for the long-term. That’s what we’re doing, we are creating a digital fort knox. And I should say one more thing, we don’t know that there is 200,000 Bitcoin left because no one has done a full and complete accounting or audit and that is one of the things that President Trump has directed is that we need full accounting right away, everything needs to be audited because we need to maximize the value of these assets for the American people.”