$BTC

Sacks has ordered a full accounting of the federal government's existing crypto reserves, which he estimated at 200,000 Bitcoin alone. That's worth $17.5bn (£13.6bn) at today's prices.

Speaking to reporters at the White House ahead of a special crypto summit on Friday, Sacks said that it was a "real shame that we did not maximise value for the American taxpayer."

"What we want to do is make sure that with the remaining Bitcoin that we have," he added.

Nonetheless, Charles Edwards of the Capriole Fund, a Bitcoin and digital assets hedge fund, called Thursday's announcement "a pig in lipstick" in response to Sacks' post on X.

"No active buying means this is just a fancy title for Bitcoin holdings that already existed with the government," he said.

Trump's executive order says that the Treasury and Commerce secretary will come up with strategies for acquiring more government Bitcoin, provided these are "budget neutral and do not impose incremental costs on United States taxpayers".