US government holds $6B worth of Bitcoin: Glassnode data

The US authorities is without doubt one of the most important Bitcoin (BTC) holders on the earth, holding 205,514 BTC — value $6 billion — based on Glassnode information.

Reflexivity Analysis co-founder Will Clemente famous that the U.S. authorities acquired its BTC by means of seizures.

US Bitcoin
Supply: Glassnode

For context, the U.S. Division of Justice seized $3.6 billion value of Bitcoin related to the 2016 Bitfinex hack final 12 months. Earlier than that, the federal government took 70,000 BTC from Ross Ulbricht when it introduced down the Silk Highway.

The U.S. authorities’s substantial BTC holding locations it forward of whales like MicroStrategy — which has spent over $4 billion to amass 140,000 models of the flagship digital asset.

In the meantime, the largest BTC holder is the pseudonymous creator of the blockchain community, Satoshi Nakamoto, with 1 million BTC. Grayscale Bitcoin Belief follows him with 650,000 BTC. Others on the record embody exchanges like Binance, Coinbase, and Bitfinex.

What would the US authorities do with its BTC?

Judging by its priority, the U.S. authorities would probably unload the digital property within the subsequent few years.

In March, the U.S. authorities filed a memo within the Southern District of New York displaying it sold 9,861.17 BTC for $215.5 million. The memo revealed that the bought BTC was a part of the property it seized from the Silk Highway market.

The court docket submitting additional hinted that the federal government would nonetheless promote extra BTC earlier than the top of the 12 months. Earlier this week, rumors emerged that the federal government was promoting a part of these property.

In the meantime, many trade gamers have criticized the federal government’s penchant for promoting, mentioning that it might have made more cash by holding. As an illustration, the U.S. authorities sold 29,657 Bitcoin for about $18 million in 2014. As we speak, the identical asset could be value virtually $900 million.

The publish US government holds $6B worth of Bitcoin: Glassnode data appeared first on CryptoSlate.

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