US Government Holds Billions of Dollars in Bitcoin, On-Chain Data Shows
New data from on-chain analysis reveals that the US government is one of the largest holders of Bitcoin (BTC) in the world. Researchers at 21.co estimate that the US government currently possesses 194,188 BTC, valued at over $5.5 billion. This represents almost 1% of BTC’s total circulating supply.
The analysis by 21.co is based on publicly available information and tracks wallets associated with the government’s three largest BTC seizures since 2020. It is important to note that the actual holdings may be higher than the estimate provided.
In March, the US government reportedly sent 9,826 BTC worth $217 million to Coinbase, a leading domestic crypto exchange. Additionally, it transferred an additional 39,175 BTC worth $867 million to two internally controlled addresses not linked to any exchanges.
Bitcoin’s Current Status
As of now, Bitcoin is trading at $28,384. While it has seen a 71% increase since the beginning of 2023, it remains nearly 59% down from its all-time high of over $69,000 reached in November 2021.
Hot Take: US Government Holds Significant Bitcoin Holdings
The US government’s substantial Bitcoin holdings highlight its growing recognition and interest in cryptocurrencies. As governments worldwide navigate the evolving digital asset landscape, their involvement in crypto continues to expand. The US government’s sizeable BTC stash further solidifies Bitcoin’s position as a valuable asset and indicates its potential long-term significance in global financial systems.
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