Zap CEO Jack Mallers Says This Is Why The US Hasn't Disclosed Its Bitcoin Holdings

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The U.S. government does not have enough BTC to achieve the Trump administration’s goal of being "the Bitcoin superpower of the world," says Bitcoin maximalist and Zap CEO Jack Mallers.

This, according to Mallers, is the real reason why the government has yet to disclose its Bitcoin holdings.

"I think that the US government is ashamed of its Bitcoin position," Mallers said in a video he shared last week on X. "It wants to be a leader."

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Mallers speculated that the government would not disclose its holdings till it built a position it could be proud of.

"I think that that’s sensitive information, because the US government wants to be the Bitcoin superpower, and what they realized is their holdings are a threat to that brand identity," he said, referencing recent statements from now former Presidential Council of Advisers on Digital Assets Executive Director Bo Hines. "They don’t want to make an announcement until they can build the position back."

When asked last week how much Bitcoin the U.S. government held, Hines evaded the question.

"I can’t discuss that right now," he told "Crypto In America" host Jacquelyn Melinek, adding, "there are several reasons we're not disclosing at this time. There might be a time in which we do."

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The U.S.'s Bitcoin holdings have long been a hot topic, but interest has spiked with President Donald Trump‘s establishment of a strategic national reserve from seized assets in March.

For the longest time, market participants believed that the government controlled roughly 200,000 BTC, based on data from cryptocurrency platform Arkham.

But they have grown doubtful as a report by The Rage last month suggested that the Marshals Service held only about 29,000 BTC, barely 15% of the figure suggested by Arkham. The disparity has been widely attributed to the firm’s inability to distinguish between seized and forfeited assets held in government wallets.

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Meanwhile, even if Mallers is right about why the government has not disclosed its Bitcoin holdings, questions remain about how it plans to increase its reserves.

Trump’s executive order directed the Commerce and Treasury secretaries to add to the Bitcoin reserve using "budget neutral" strategies. But months later, it is still not clear what these could entail.

"This actually requires some labor to get set up properly," Hines told "Crypto In America" without providing further details. "But I've said ad nauseum, we do believe in accumulation, obviously, in budget neutral ways, as the president's outlined, but there are countless ways that we can engage in that. We'll act on those that can be most expeditiously implemented. And I think that people will be very pleased with the direction that we go, and we'll start moving on that in short order."

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This article Zap CEO Jack Mallers Says This Is Why The US Hasn't Disclosed Its Bitcoin Holdings originally appeared on Benzinga.com

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