The US Government’s $12 Billion Bitcoin Fortune
Thanks to Bitcoin’s ongoing bull run, it’s not just degens and Wall Street tycoons who are benefiting—the U.S. government is now sitting on a $12 billion BTC fortune. Over the past decade, the American government has seized tens of thousands of Bitcoin from criminal enterprises such as the Silk Road dark web marketplace and the hackers responsible for stealing billions of dollars from Bitfinex in 2016.
As of now, the U.S. government possesses over 194,000 Bitcoin, according to on-chain wallet data compiled by asset management firm 21.co on Dune. This amount has significantly appreciated since Bitcoin’s price started climbing in the fall. In September, the government’s Bitcoin holdings were worth around $5 billion. However, due to the token’s remarkable comeback, that same quantity of BTC is now valued at $12.09 billion—a pure profit of over $7 billion without any effort on the part of the federal government.
Despite the frosty relationship between the American government and Bitcoin, the United States unequivocally holds a significant amount of BTC. Currently, their government owns approximately 1% of all BTC in circulation, with only Binance and pseudonymous Bitcoin creator Satoshi Nakamoto holding more.
The U.S. government has occasionally sold small portions of its Bitcoin holdings. In January, it announced its intention to sell $117 million worth of BTC seized from a convicted drug trafficker associated with Silk Road. However, it remains unclear whether officials managing the government’s crypto holdings are strategically selling off at opportune moments to maximize their value.
Hot Take: The US Government’s Crypto Coffers
In a surprising turn of events, the U.S. government finds itself in possession of a staggering $12 billion worth of Bitcoin. This windfall is a result of seizing cryptocurrency from criminal enterprises over the past decade. With over 194,000 Bitcoin in its possession, the American government has enjoyed a profit of over $7 billion thanks to Bitcoin’s recent surge. Despite the government’s complex relationship with cryptocurrencies, it now holds approximately 1% of all BTC in circulation. As the value of Bitcoin continues to rise, it remains to be seen how the U.S. government will manage its crypto holdings and potentially capitalize on strategic selling opportunities.
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