---
title: "Highlight Clip: Patrick Witt: The U.S. Government Once Kept Cold Wallets in Drawers, and Its Security Practices Were Unbelievable"
url: https://thecoingazette.com/highlight-clip-patrick-witt-the-u-s-government-once-kept-cold-wallets-in-drawers-and-its-security-practices-were-unbelievable/
date: 2026-11-12
modified: 2026-11-12
lang: en
author: "Coin Gazette Editorial"
description: "Patrick Witt: The U.S. Government Once Kept Cold Wallets in Drawers, and Its Security Practices Were..."
categories:
  - "Crypto News"
tags:
  - "crypto"
  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
  - "News"
word_count: 108
---

# Highlight Clip: Patrick Witt: The U.S. Government Once Kept Cold Wallets in Drawers, and Its Security Practices Were Unbelievable

Patrick Witt: The U.S. Government Once Kept Cold Wallets in Drawers, and Its Security Practices Were UnbelievableOn November 10, 2026, Patrick Witt, former executive director of the White House Crypto Council, said in an interview with What Bitcoin Did that some U.S. government agencies had previously kept cold wallets in drawers. He said the U.S. Treasury was working to establish a custody framework, a prerequisite for considering whether to buy more bitcoin or convert other assets into bitcoin. The U.S. government is conducting a second inventory to verify its holdings and track them over time. It has yet to decide whether to disclose how much bitcoin it holds.