Bloomberg had earlier reported that Trump was expected to sign an executive order establishing a Bitcoin reserve during the White House Crypto Summit on March 7, with one option that included seeding it with government-owned crypto.

Sacks said the Bitcoin reserve was “a digital Fort Knox for the cryptocurrency,” and the US wouldn’t sell any Bitcoin put in the reserve.

“It will be kept as a store of value,” he added.

The White House said that Bitcoin owned by the Treasury Department would seed the reserve, and other federal agencies “will evaluate their legal authority” to transfer any Bitcoin they own into the reserve.

It added the Treasury and Commerce secretaries would make “budget-neutral strategies” for buying more Bitcoin for the reserve, “provided that those strategies impose no incremental costs on American taxpayers.”

As for the digital asset stockpile, Sacks said its purpose is the “responsible stewardship of the government’s digital assets under the Treasury Department.”

Notably, he added that the government wouldn’t buy additional cryptocurrencies for the stockpile “beyond those obtained through forfeiture proceedings,” and the Treasury Secretary “may determine strategies for responsible stewardship, including potential sales” from the stockpile.