US Government Misses Out on Bitcoin Boom
An attempt to liquidate a substantial quantity of Bitcoin on the public market has led to notable unrealized gains foregone by the US government.
In March, the government successfully sold 9,861 BTC, equivalent to approximately $216 million at that point in time. Fast forward to today, merely seven months later, and the same BTC holdings have appreciated to a value of $332 million, marking a substantial $116 million difference in worth.
These Bitcoin assets in the US treasury are primarily accumulated through confiscations related to criminal cases. Furthermore, by the conclusion of this year, the government intends to divest itself of the remaining 41,490 BTC seized from James Zhong, who admitted guilt to wire fraud charges stemming from alleged manipulation of transactions on the clandestine online marketplace, Silk Road.
Despite these recent asset sales, the US still retains a substantial Bitcoin reserve valued at more than $5.5 billion, as reported by analysts from 21.co who specialize in on-chain investigations. This significant stash of BTC comprises nearly 1% of the total Bitcoin supply in circulation.
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It’s worth noting that 21.co’s evaluation represents a conservative estimate of the US government’s cryptocurrency holdings, based on publicly accessible data.
The preeminent cryptocurrency, with the highest market capitalization, has undergone a significant surge in value, increasing from $16,615 on January 1st to $33,575 at the time of this publication. This marks a remarkable 102% growth in value over the specified time frame.
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.
