Interesting Information: The US Government Is Holding Over $5.7 Billion In Bitcoin

Key Points:

• The US government currently holds 1.06% of the total BTC supply.
• These Bitcoins were seized in previous forfeitures.
• Currently, the amount of BTC is only behind Binance’s cold wallet.

According to current figures, the US government owns 205,515 Bitcoins worth $5.7 billion as of March 27, 2023, or around 1.06% of the circulating quantity.

There is now a dashboard established by 21Shares on Dune Analytics that gives analytics linked to the quantity of BTC owned by the government.

This quantity of Bitcoins is the consequence of three forfeitures that started in 2020, including the Silk Road Bitcoin seizure in November 2020, the Bitfinex hack confiscation in 2022, and the seizure of Bitcoins from James Zhong last year, according to the statistics.

The US government seized this amount of Bitcoin following three incidents, including:

• Seizure of 69,369 BTC on the Silk Road in November 2020.
• Bitfinex Hack Seizure – 94,643 BTC in January 2022.
• James Zhong Seizure – 51,326 BTC in March 2022.

On March 8, Glassnode announced that this quantity of Bitcoin had been transferred, lowering the supply from 215,331 to 205,515 BTC. Glassnode identified 9,861 BTC stolen from a Silk Road hacker and sent it to Coinbase, which was worth roughly $214 million at the time.

Nevertheless, according to Dune’s report, the 205,515 BTC is a “lower-bound estimate” based entirely on “publicly accessible facts.” This implies that the US government might have more Bitcoin than this sum.

While this is less than Grayscale’s 640,000 BTC, it is more than Microstrategy’s 132,500 BTC holdings. In comparison to the addresses of the wallets “BTC whales” have, the quantity of BTC held by the US Government is just 248,597 BTC behind Binance’s cold wallet.

Imagine selling such a large sum of Bitcoin on the market. Nevertheless, this is improbable given the enormous quantity of Bitcoin held by the US government is still under seizure, or in other words, this amount of Bitcoin is still temporarily frozen.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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