White House crypto chief David Sacks issued a statement ahead of the cryptocurrency summit saying: "The United States is long overdue for establishing a bitcoin reserve. But our country has not developed a long-term strategy and has lost billions of dollars as a result. Federal departments will immediately audit crypto assets and initiate the process of creating a BTC reserve and crypto inventory. There is no discussion of selling reserve assets such as gold to buy more bitcoin, but is willing to buy more bitcoin in a budget-neutral manner. This decision will be made by the Secretary of the Treasury and the Secretary of Commerce."