Here’s How the U.S. Government’s Bitcoin Holdings Reached $13.82 Billion
The post Here’s How the U.S. Government’s Bitcoin Holdings Reached $13.82 Billion appeared first on Coinpedia Fintech News
The US government has a lot of bitcoin, and whether it keeps or sells it could significantly affect the price of Bitcoin. Public records reveal that Washington has confiscated more than 200,000 tokens from cybercriminals since 2020. For the last 10 years, the US government has been confiscating and offloading Bitcoin instead of simply holding onto it. Will they change the pattern this time?
US Holds Billions of Bitcoin Holdings
In the latest revelation, Arkham Intelligence has uncovered that the U.S. government seized 3.94K BTC (valued at around $251 million) from drug dealer Banmeet Singh during a trial in January this year. This seizure contributes to the U.S. government’s overall holdings, which now stand at 216.788k BTC, worth approximately $13.82 billion, with a significant portion likely stemming from criminal seizures.
Furthermore, Arkham’s data reveals that the United States, the United Kingdom, and Germany rank among the top countries holding cryptocurrencies at the government level. The U.S. government leads the pack with 216.788k BTC, surpassing MicroStrategy’s recent purchase of 207,189 BTC valued at $13.5 Billion. The United Kingdom and Germany follow. Additionally, El Salvador, the pioneer in adopting Bitcoin as legal tender, holds a comparatively smaller amount of BTC.
The U.S. government’s ongoing accumulation of Bitcoin, evidenced by a recent increase of at least 5,000 BTC since early 2023, indicates continued interest in cryptocurrency. Notably, a considerable portion of the U.S. government’s Bitcoin holdings originates from confiscations related to entities like the dark web market Silk Road and hackers associated with the crypto exchange Bitfinex.
A Force to be Reckoned With
As the US government emerges as a potential global leader in government-held Bitcoins, surpassing the combined holdings of several countries, including China, the crypto landscape braces for impact.
The market watches closely for the potential liquidation of more Silk Road Bitcoins and uncertainties surrounding the sale of Bitcoins seized from Bitfinex hackers and criminal activity.
