- White House Crypto & AI Czar David Sacks called Bitcoin an excellent store of value.
- David Sacks stated evaluating a Bitcoin reserve is their top priority on the latest CNBC interview.
US White House Crypto & AI Czar David Sacks talked about various things related to crypto on the latest CNBC interview. From forming a regulatory framework to establishing a Bitcoin reserve, David clarified on their upcoming plans for crypto.
David Sacks revealed that he was in a meeting with House and Senate Committee leaders to discuss banking and finance. They are committed to move forward with a clear regulatory framework for the crypto industry to support its innovation.
However, Sacks said that “moving legislation through Congress takes time” to bring regulation into the market. They are aiming to develop the regulatory framework in the next 6 months.
When the interviewer asked about Bitcoin reserve, Sacks said it is one of the first things they are looking into to evaluate its feasibility as part of the Presidential Working Group responsibilities. Sacks also stated that Commerce Secretary Howard Lutnick is the right person to say whether the Sovereign Wealth Fund includes Bitcoin and other digital assets.
David Sacks Appreciates Bringing Tech People into Washington DC
David Sacks appreciated bringing people from the technological industry to Washington is a positive thing. Because the software systems there are outdated and it will improve efficiency, referring to the impact of Elon Musk’s actions as part of D.O.G.E.
When the interviewer asked about Bitcoin, David Sacks called it an excellent store of value. He further stated,
“It was the first digital currency. And, it’s the original. It’s the strongest one in the parlance of the industry. And, it’s been around for over a dozen years now. No one’s ever cracked the security around it. And so it is an excellent store of value.”
Apart from emphasizing blockchain’s capabilities for more innovation, Sacks also talked about stablecoins. He revealed plans to bring stablecoin innovation onshore and allow stablecoin issuance in the US. David opines that stablecoins have the potential to extend dollar’s dominance internationally and digitally. Thus, stablecoins can create trillions of dollars of new demand to US Treasuries.
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