This puzzle surrounds Bitcoin as the US government emerges as a significant player in the crypto arena. With over 200,000 tokens seized from cyber wrongdoers since 2020, the big question looms: will they hold on or cash out?
Public records spill the beans: the US government has been quietly amassing Bitcoin over the past decade, mostly from nabbing cyber crooks. But with the wind changing direction, rumors swirl about potential changes in strategy.
How could this impact you?
In a recent revelation, Arkham Intelligence reveals a stealthy move by the US government, snagging 3.94K BTC (worth about $251 million) from a drug dealer, Banmeet Singh, back in January. This covert haul boosts the government’s stash to a whopping 216.788k BTC, valued at an eye-watering $13.82 billion, primarily from seizing illicit assets.
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 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 hefty chunk of their Bitcoin treasure comes from high-profile confiscations, including notorious entities like Silk Road and Bitfinex hackers.
As the US government solidifies its position as a potential global Bitcoin powerhouse, surpassing the reserves of nations like China, the crypto world braces for impact. Speculations abound, with everyone keeping a close watch on the potential liquidation of Silk Road’s hidden stash and the fate of Bitfinex’s ill-gotten gains.
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