US Bitcoin reserve needs stronger custody alongside an end to government sales, Witt says

Patrick Witt, former executive director of the White House crypto council, said halting government asset sales and improving custody were central to US Bitcoin reserve policy. The Strategic Bitcoin Reserve also requires addressing weaknesses in how government agencies store and manage digital assets. Witt questioned past sales practices but said he had no evidence of an intention to drive prices lower. In a What Bitcoin Did interview on November 9, Witt said the executive order establishing the reserve had stopped government cryptocurrency sales and prompted efforts to improve custody and explore additional acquisitions. Witt described some sales under the previous administration as resembling fire sales. He declined to provide specific examples and acknowledged that he lacked evidence of intent.

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