US Government's Reported Bitcoin Holdings: Is $5B Figure Just The Tip Of The Iceberg?
Portfolio Pulse from Khyathi Dalal
The U.S. government reportedly holds 194,188 Bitcoin (BTC), equivalent to $5.3 billion, making it one of the largest Bitcoin holders. This figure is based on three documented seizures: the Silk Road seizure of 69,369 BTC in November 2020, the Bitfinex Hack seizure of 94,643 BTC in January 2022, and the James Zhong seizure of 51,326 BTC in March 2022. The government does not hold onto these assets with the intention of selling them when their value rises. Instead, it offloads seized tokens through crypto exchanges, as indicated by a public filing in March 2023 that showed the offloading of 9,118 BTC on Coinbase by the government.
October 16, 2023 | 8:28 pm
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POSITIVE IMPACT
The U.S. government has used Coinbase to offload seized Bitcoin, as indicated by a public filing in March 2023.
The U.S. government's use of Coinbase to offload seized Bitcoin could potentially increase the trading volume on the platform, which could be beneficial for Coinbase.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
The U.S. government's large holdings of Bitcoin and its policy of offloading seized tokens could potentially impact the price of Bitcoin.
The U.S. government is one of the largest holders of Bitcoin. Its policy of offloading seized tokens, rather than holding onto them for potential value increase, could introduce a significant amount of Bitcoin into the market, potentially affecting its price. However, the exact impact is uncertain as it depends on various factors including the timing and manner of the offloading.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100