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U.S Government Holds $1.8 Billion Bitcoin After Sales
The U.S Government has emerged as the largest holder of Bitcoin among nations worldwide, with an estimated $1.8 billion worth of the cryptocurrency in its possession. This substantial amount equates to approximately 69,000 BTC. Through various raids and subsequent sales, the U.S Government has amassed this significant Bitcoin reserve, utilizing auctions to offload a portion of its holdings. Despite these sales, the government still retains the majority of its initial Bitcoin accumulation. In this article, we will delve into the origins of the U.S Government’s Bitcoin acquisitions, the rationale behind their actions, and the potential future of their Bitcoin auctions.
The U.S Government’s Bitcoin Seizures
In June 2020, the U.S Department of Justice executed its first Bitcoin raid, seizing a staggering 69,370 BTC from an undisclosed dark web marketplace. This seizure amounted to an approximate value of $1.4 billion at the time. Since then, the U.S Government has conducted several successful operations targeting illicit activities involving cryptocurrencies, resulting in the retrieval of additional Bitcoin.
Holding onto Bitcoin Assets
Despite auctioning off a portion of its seized Bitcoin through public auctions, the U.S Government has…
