It has been just revealed the fact that the US government is holding more than $ 5.5 billion in Bitcoin, and this is beyond impressive to learn. Check out the latest reports about the matter below.
US government holds a huge amount of cash in BTC
Recent on-chain data reveals that the US government is among the top owners of Bitcoin (BTC) in the world.
Researchers at 21.co, which is the parent company of 21shares – the leading crypto exchange-traded product (ETP) issuer – have found that the US government has a holding of 194,188 BTC.
This amounts to over $5.5 billion at the current market price and nearly 1% of the total circulating supply of Bitcoin, as noted by the online publication the Daily Hodl.
The researchers caution that their analysis is a “lower-bound estimation” based on publicly available information.
They arrived at this estimate by tracking the wallets linked to the US government’s three largest BTC seizures since 2020.
The US government has reportedly confiscated at least 215,000 BTC since 2020, though some of that was moved earlier this year.
A recent report by PeckShield, a blockchain security company, reveals that the government transferred 9,826 BTC worth $217 million to Coinbase, a leading domestic crypto exchange in March.
It is also important to note the fact that the government reportedly moved 39,175 BTC worth $867 million to two new addresses that seem to be internally controlled and not connected to any exchanges.
Bitcoin in the news
According to on-chain data provider CryptoQuant, if the U.S. Securities and Exchange Commission (SEC) approves the spot Bitcoin (BTC) exchange-traded fund (ETF), it could lead to a triple-digit percentage rise in the price of BTC.
In its recent report, CryptoQuant stated that if the Wall Street firms that have applied to issue a spot Bitcoin ETF allocate a fraction of their assets under management (AUM) to BTC billions of dollars would flow into the BTC market, more than doubling its price.
