The US reportedly holds over $5 billion in Bitcoin, despite its opposition to digital currencies
Forbes has reported that the US Treasury currently holds the biggest government-owned stockpile of Bitcoins in the world, with a value of $5 billion, equating to 207,189 Bitcoins. A recent study, exclusively obtained by Forbes, revealed that, unlike other countries that have suffered losses in their cryptocurrency holdings, the US has steadily increased its assets in this area. This also comes as federal government regulators seemingly continue to stop the advancement of crypto at every turn.
A doctoral thesis by Sachin Jaitly revealed that the government held 69,640 BTC last year, which constituted a whopping 94% of all Bitcoin stored in government wallets globally. The analysis of financial and monetary data spanning 10 years revealed that 11 government entities hold Bitcoin. It was observed that with the rise in money supply and inflation concerns, governments are increasingly considering the integration of cryptocurrency.
This argument has a couple of downfalls, however, that counter the assertion. Jameson Lopp, a software engineer and researcher, has gathered data showing that the US has sold off some of its Bitcoin holdings, amounting to $366.5 million spread across 11 auctions from 2014 through 2023.
Forbes pointed out that the US government didn’t actually purchase the Bitcoin. This means that while there may be a strong inclination to hold onto what they currently have, any profits earned are only temporary. Had it held onto the amount it sold through the auctions, that $366.5 million would now be worth $4.8 billion.
Jaitly’s argument that Bitcoin can serve as a safeguard against inflation through government ownership is unfounded. According to Leslie Sammis, a defense lawyer in Tampa, officials with the Justice Department, just like crypto fans across the country, simply don’t have the regulatory guidance to decide how to move forward with the crypto stockpile.
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