U.S. regulators appear to be lukewarm on cryptocurrencies, but the government holds nearly 1% of the circulating Bitcoin supply.
It’s not just the Degens and Wall Street tycoons who are benefiting from Bitcoin’s latest bull run – the U.S. government is now sitting on a $12 billion BTC fortune thanks to the coin’s continued rise.
Over the past decade, the United States has seized tens of thousands of Bitcoins from multiple criminal enterprises, most notably the darknet market Silk Road and the 2016 theft of billions of dollars worth of digital assets from cryptocurrency exchange Bitfinex of hackers.
As of this writing, the U.S. government holds more than 194,000 Bitcoin, according to on-chain wallet data compiled on Dune by asset management firm 21.co.
This number has appreciated significantly since the price of Bitcoin began to climb in the fall. In September, the U.S. government held approximately $5 billion worth of Bitcoin. At the time of writing, the same amount of BTC is now worth $12.09 billion thanks to the coin’s stunning comeback.
Bitcoin tops $60,000 as market enters 'extreme greed' phase
Bitcoin (BTC) showed impressive bullish momentum as it broke above the $60,000 mark to reach a daily high of $60,700 before easing back slightly to the current price of $60,503. Bitcoin surged 6.2% in the past 24 hours, bringing its weekly gain to 18.3% and its gain to a whopping 158% in the past 12 months. But what's driving this remarkable rebound? How did market sentiment react to the news? Let’s dig a little deeper. The recent surge in Bitcoin prices can be attributed to…
You read that right: Over the course of a few months, the federal government made over $7 billion in pure Bitcoin profits without even trying.
Although the U.S. government currently has a frosty relationship with Bitcoin and cryptocurrencies, the United States is undoubtedly one of the largest Bitcoin holders on the planet.
Bitcoin price 12% below all-time high 52 days after halving
All eyes were on the price of Bitcoin on Wednesday, with the No. 1 cryptocurrency by market capitalization topping $63,636 before falling to $59,557. Even so, two months before the halving, Bitcoin was less than 12% away from its all-time high of $69,044 from November 10, 2021. How close Bitcoin needs to get before it reaches its all-time high is still fluctuating; the last time Bitcoin rose above $63,000 was on April 12, 2021, according to CoinGecko. Image: CoinGecko Bitcoin hits $60…
The country’s government currently holds approximately 1% of all Bitcoins currently in circulation. Only cryptocurrency exchange Binance and anonymous Bitcoin creator Satoshi Nakamoto appear to hold more.
The U.S. government has sold small portions of its Bitcoin holdings on several occasions. In January, the company announced its intention to sell $117 million worth of Bitcoin seized from a convicted drug trafficker operating on Silk Road.
US to sell $117 million worth of Bitcoin seized from Silk Road drug traffickers
The United States has announced plans to sell approximately $117 million worth of Bitcoin seized from a convicted drug trafficker who operated on the now-shuttered Silk Road darknet market. The seizure notice from earlier this month has now been posted online, with the government noting its plans to “dispose” of the cryptocurrency. The notice follows the sentencing earlier this month of Ryan Farace, 38, of Maryland, and his father, Joseph Farace, 72, on money laundering charges.
It is unclear whether U.S. officials responsible for government-held cryptocurrencies are trying to maximize their value by selling them at strategic times.
Yesterday, amid a market frenzy that saw Bitcoin prices rise more than 11% in a matter of hours, the U.S. government moved nearly $1 billion worth of seized Bitcoin linked to the Bitfinex hack to another facility containing more funds, according to Arkham Intelligence in the wallet.
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