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According to CryptoQuant, the US government holds 210,000 Bitcoins, representing approximately $14.4 billion in unrealized profit.
With holdings of 210,392 BTC valued at $14.4 billion, the country ranks among the largest holders of the cryptocurrency.
Ki Young Ju, head of CryptoQuant, noted that the US Department of Justice, the Internal Revenue Service, and other departments have not sold a single Bitcoin (BTC) since July 2023. Consequently, the government’s unrealized profits have increased by 2.4 times.
Fun Fact: US gov holds 210,392 $BTC, with a 2.4x unrealized profit, and hasn’t sold any #Bitcoin since July 2023. pic.twitter.com/GIvQpL3j5Z
— Ki Young Ju (@ki_young_ju) March 15, 2024
Conversely, analysts from the Arkham platform report different figures. They state that the address allegedly belonging to US authorities holds 215,245 BTC, valued at approximately $14.8 billion at the time of writing.
See Also: Crypto.com Fined $3.1 Million for Non-Compliance in the Netherlands
In addition to Bitcoin, the wallet contains 50,147 Ethereum (ETH), 10.14 million USD Coin (USDC), 5.36 million Dai (DAI), and 2.27 million Tether (USDT).
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Some government wallets are public, and the crypto community is closely monitoring them, fearing the negative impact of a large-scale sale on the global crypto market, which has a total capitalization estimated at over $2.5 trillion.
US Government Bitcoin Holding
In March 2023, the US transferred BTC confiscated from the Silk Road hacker to Coinbase. In April, the government sold another 9,861 BTC.
Later, in January, government officials announced their intention to sell some of the cryptocurrency associated with the Silk Road case.
The statement mentioned assets of 2,934 BTC.
In February, the US government transferred another 15,085 BTC seized after the hack of the Bitfinex cryptocurrency exchange.
The US government confiscated funds from the platform in 2016 after hacker Ilya Lichtenstein stole approximately $4.5 billion from Bitfinex.
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The post CryptoQuant: US Government Holds 210,000 Bitcoins With $14.4 Billion Unrealized Profit appeared first on BitcoinWorld.
