Fintech
Here’s how the US government’s Bitcoin holdings reached $13.82 billion
This puzzle surrounds Bitcoin as the US government emerges as a significant player in the cryptocurrency arena. With over 200,000 tokens seized from cybercriminals since 2020, the big question looms: will they keep or cash out?
Public records Let’s spill the beans: The US government has been quietly accumulating Bitcoin over the past decade, mostly by catching cybercriminals. But with the winds changing direction, rumors are circulating about potential changes in strategy.
How might this impact you?
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In a recent revelation, Arkham Intelligence reveals a stealthy move by the US government, which stole 3,94,000 BTC (worth around $251 million) from a drug dealer, Banmeet Singh, in January. This secret haul boosts the government’s stash to a whopping 216,788,000 BTC, valued at a staggering $13.82 billion, mostly thanks to the seizure of illicit assets.
Furthermore, Arkham data reveals that the US, UK and Germany rank among the top countries holding cryptocurrencies at a government level. The US government leads the pack with 216,788,000 BTC, surpassing MicroStrategy’s recent purchase of 207,189 BTC worth $13.5 billion. The United Kingdom and Germany follow. Furthermore, El Salvador, the pioneer in adopting Bitcoin as legal tender, holds a relatively smaller amount of BTC.
The US government’s relentless pursuit of Bitcoin, seen in a recent surge of at least 5,000 BTC since early 2023, shows their unwavering fascination with digital currencies. Notably, a large portion of their Bitcoin hoard comes from high-profile seizures, including well-known entities such as the Silk Road hackers and Bitfinex.
As the US government solidifies its position as a potential global Bitcoin powerhouse, surpassing the reserves of nations like China, the cryptocurrency world braces for impact. Speculation abounds, with everyone keeping an eye on the potential liquidation of Silk Road’s hidden stash and the fate of Bitfinex’s ill-gotten gains.
Also check: The main reasons why Bitcoin price reaches $150,000 could be a long way to go
Is the US government a cryptowhale in disguise? Will their Bitcoin move the market or keep it stable?