US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion – Bitcoin News
As of March 25, 2023, the US government held 205,515 bitcoins worth $5.6 billion, which is about 1.06% of the circulating supply, according to current statistics. The bitcoin cache was the result of three forfeits that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth about $269 million were sent to a Coinbase address.
Uncle Sam’s Crypto Stash: How the US Government Became a Big Bitcoin Owner
The US government currently holds 205,515 bitcoins worth $5.66 billion based on today’s exchange rates. The bitcoins were seized in three instances, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack seizure, and James Chung’s bitcoin seizure last year. Of the total 69,369 BTC Taken from Individual X, 94643 BTC Taken by Elijah Lichtenstein and his wife, Heather Morgan, 51326 BTC Taken from Zhong in November 2022.
according to a report Some of these bitcoins were transferred from Glassnode on March 9, 2023, bringing the total down from 215,338 to 205,515. BTC. “Approximately (40,000 bitcoins) of wallets linked to US government law enforcement seizures are on the move,” Glassnode reports. The majority of these conversions appear to be internal (so far). However, about 9,861 (bitcoins) seized from the Silk Road hack were sent to our Coinbase cluster.”
The current estimate is 205,515 BTC (BTC) comes from Dune Analytics set of metrics Created by 21Shares, a provider of exchange-traded products. The data shows US government addresses and transaction history. from the current set cache BTC, 44% from Bitfinex forfeiture, 32.2% from “individual X”, and 23.8% from Zhong seizure. In addition, the US government may own more bitcoins than is recorded in the 21Shares dataset. Abstract notes that 205515 BTC It is a “minimum estimate” based solely on “publicly available information”.
The US government’s seizure of 205,515 bitcoins is a huge stock compared to other large holders. Although Grayscale’s cache is smaller than 643,572 BTCit outweighs Microstrategy’s stock of 132,500 BTC. Moreover, compared to whales in Bitcoin rich list Of addresses, it would be the second largest (if consolidated), behind Binance’s Bitcoin cold wallet, which has 248,597. BTC At the time of this writing.
The federal government’s bitcoin stockpile is also greater than about 140,000 BTC In the hideout of Mt Gox. This is not the first time that the US government has been a big winner. The FBI was the second largest BTC Pregnant after taking over the original Silk Road market. However, the government stockpile was depleted at the time after the US Marshals held bitcoin auctions to sell crypto assets in 2014.
What do you think of the US government’s current bitcoin stash? Share your thoughts in the comments section below.
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