David Sacks, President Donald Trump’s newly appointed crypto and AI czar, held his first press conference on digital assets on Tuesday, which has sparked mixed reactions from the crypto community, especially with his comments towards Bitcoin, the most popular crypto to buy today.
During the press conference, Sacks stood alongside key congressional leaders, including Banking Committee Chair Tim Scott, and revealed that the administration is still evaluating the feasibility of a Bitcoin reserve.
Sacks stated: “One of the things the president instructed us to do is to evaluate the idea of a Bitcoin reserve. We’re still waiting for some Cabinet Secretaries of the working group to be confirmed.”
As well as confirming the administration’s evaluation of a Bitcoin Reserve, he also clarified that the recently announced Sovereign Wealth Fund will remain separate from any potential Bitcoin reserve.
Skepticism in the Crypto Community
Despite the recent announcement, many within the crypto landscape have expressed concerns about the administration’s commitment to a Bitcoin reserve.
Market analyst Jim Bianco pointed to the wording used by officials, suggesting it might indicate a delay rather than progress, saying: “Trump said he would do a BitCoin Reserve, not just evaluate it. Evaluate and study are what Washington says when it doesn’t want to act. Bitcoin is down 5% since this announcement.”
Several other big players in the crypto community have also weighed in, with many of them stating that Trump’s crypto policies could take longer to materialize than some had hoped. Among them was renowned macro analyst Lyn Alden, who advised investors to focus on Bitcoin itself rather than government-led initiatives.
Policy Uncertainty and Market Reaction
In his first week in office, President Trump signed a crypto-focused executive order, which included plans for a potential national digital asset stockpile within 180 days.
However, several insiders, including the likes of Senator Cynthia Lummis have emphasized that a Bitcoin reserve would require a solid legislative framework to endure beyond any single administration. As a result of this, the initial excitement over a US Bitcoin reserve materializing within the first 100 days has waned.
While the announcement has been met with scepticism, some industry leaders have pushed back, urging patience and reminding us that significant policy shifts take time. Bitwise CEO Hunter Horsley stated: “The crypto community’s impatience is both its greatest strength and weakness. Much of what this space has hoped for is already in motion, but mainstream institutions move in months, not days. Good things come to those who wait.”
Although Polymarket had shown an impressive 65% odds in favor of a Bitcoin reserve, they’ve now dropped down to odds as low as 45% at the time of writing.
While many remain hopeful that the US will move toward a Bitcoin reserve, the mixed reactions to Sack’s statement have shown that there is still uncertainty surrounding the administration’s crypto policy.
The success of any such initiative will likely depend on legislative backing and the political will to integrate Bitcoin into the nation’s financial strategy.
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