US Government's Premature Bitcoin Sales Result In $6B Lost Gains: 'Killing The Golden Goose Of Silicon Valley'
Portfolio Pulse from Benzinga Neuro
The US government, one of the largest Bitcoin holders, has missed out on potential gains of over $6 billion due to premature selling of the cryptocurrency, according to data from Glassnode. The Department of Justice (DOJ) and the Internal Revenue Service (IRS) have seized large amounts of Bitcoin through legal proceedings. Despite this, the DOJ has often sold its holdings prematurely. The DOJ holds more Bitcoin than any other entity, surpassing even MicroStrategy Inc., which has the largest corporate Bitcoin treasury.
November 01, 2023 | 6:59 am
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NEUTRAL IMPACT
The US government's premature selling of Bitcoin has resulted in missed potential gains, highlighting the volatility and potential profitability of the cryptocurrency.
The news highlights the volatility of Bitcoin and the potential for significant gains. However, it does not directly indicate a future price direction for the cryptocurrency.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
MicroStrategy Inc. is mentioned as the entity with the largest corporate Bitcoin treasury, surpassed only by the DOJ.
The mention of MicroStrategy's large Bitcoin holdings highlights the company's significant investment in the cryptocurrency. However, the news does not directly impact the company's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50