Bitcoin: Here is How Much BTC the US Government Owns
The United States government possesses a greater quantity of Bitcoin than any other nation globally.
The government currently holds approximately $1.8 billion worth of Bitcoin through seizures and sales, equivalent to around 69,000 BTC.
As per Forbes, the United States has retained cryptocurrency assets, specifically Bitcoin, acquired through large-scale confiscations. While the government has participated in auctions to liquidate a portion of the holdings, a majority of the initial BTC holdings are still retained.
Dr. Sachin Jaitly, a general partner at investment advisor Morgan Creek Capital, explains that Bitcoin adoption at a national level has increased in tandem with the expansion of money supply and concerns about inflation. The United States government likely had to take action on its BTC holdings due to the prevailing inflation crisis throughout the year.
The initial BTC seizure by the US Government occurred in June 2020, when the Department of Justice (DOJ) confiscated 69,370 BTC from an undisclosed dark web marketplace. At that time, the seized Bitcoin was valued at $1.4 billion.
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Subsequently, the government conducted multiple crypto seizures and retained a significant portion of the recovered BTC. The US Justice Department has previously auctioned Bitcoin to investors, but it has been a while since the last major auction. Therefore, the timing of the next auction remains uncertain.
Given the increasing regulation of cryptocurrencies in the United States, it is intriguing to ascertain the government’s holdings in various digital assets. The government’s plans for the remaining holdings are also subject to ongoing debate.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
