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The US government has more than 1% of all Bitcoins; will they sell?

30/11/2022
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03/03/2023

The US government now holds more than 214,000 bitcoin (BTC), making up over 1% of the total capped bitcoin supply. The new milestone was reached after a government announcement on Monday said it had seized more than 50,000 BTC associated with the illegal online marketplace Silk Road.

A criminal on Silk Road had 50,676.17 bitcoins stolen from them, as stated in a notice made by the United States Department of Justice on Monday. The most recent addition to the already enormous bitcoin hoard owned by the government is what pushed it above the 200,000 BTC mark, bringing the total to 214,682 BTC to be precise.

The value of the government’s bitcoin holdings has skyrocketed to an astounding $3.6 billion based on the current exchange rate of $16,800 per coin. This means that the US government’s hoard is even greater than the one held by Michael Saylor’s business MicroStrategy, which, according to its most recent disclosure, is in possession of 130,000 BTC.

Three significant seizures carried out by the government over the course of the last two years have contributed a sizeable quantity to its present bitcoin holdings. In the first case, which took place in November of 2020, the government took possession of 69,370.22 BTC that belonged to an individual with ties to Silk Road who was only identified as “Individual X.” As a result of the seizure, the United States government was recognized as the largest bitcoin whale in the world for the very first time.

The second large seizure occurred in February of this year when onchain experts discovered that a staggering 94,636 BTC stolen in the Bitfinex breach of 2016 had been aggregated into a single address. This led to the second major confiscation. After some time, the authorities was able to reclaim control of the cash, and two individuals were taken into custody.

Together with the most recent seizure tied to Silk Road that was disclosed earlier this week, the government now controls more than 1% of the entire quantity of bitcoin, which is equal to 21 million coins.

However, despite the fact that there is a possibility that the government would choose to “dump” its enormous holding on the market, it is very unlikely that this will be the approach that the government takes to deal with the situation.

In the past, bitcoin that was confiscated by the United States Department of Justice was sold at auction to investors. However, the auctions itself did not have much of an influence on the market at all. It is important to note, however, that the government has not conducted a significant bitcoin auction in quite some time, and it is thus impossible to predict when the next one will take place with any level of accuracy.

Perhaps, just like the rest of us, the government is holding off on selling because it is waiting for better pricing before making a decision.

Compiled by Coinbold

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