New data from Arkham Intelligence ranks the US government as one of the largest Bitcoin holders. The data claims the US government holds 183,000 bitcoins valued at almost $14 billion.
This makes the US the largest geopolitical Bitcoin holder.
US Government’s $12B Bitcoin Holdings Revealed
Interestingly, Bitcoin is not the only cryptocurrency in the US government’s portfolio. According to Arkham Intelligence, the US government holds 50,000 ETH, $121 million USDT, $10 million worth of USDC, and 40,000 BNB tokens.
The U.S. government moved $2 billion worth of seized bitcoin on Monday, causing prices to drop even more. Arkham also reported that a government wallet labeled “U.S. Government: Silk Road DOJ” transferred 29,800 BTC, linked to the Silk Road website, to an unknown wallet.
This wallet then sent 19,800 BTC and 10,000 BTC (valued at $650 million) to two different addresses. Analysts at the blockchain intelligence firm think the 10,000 BTC transfer was likely to a big financial institution.
Big Plans for BTC in the US
Although the US is yet to have a formal policy guiding crypto activities, Bitcoin is emerging as a major asset for the nation. Interestingly, Tennessee Senator Cynthia Lummis expressed plans for legislation seeking to make Bitcoin a strategic reserve asset of the US. She shared this at the recently concluded Bitcoin Conference in Nashville.
Source: X
The US Senator explained that the plan involves buying up 5% of Bitcoin’s total supply to fight inflation and reduce national debt. Lummis likened this proposal to the US purchase of the American Midwest from France in 1803, calling it a modern version of the deal.
Other US political leaders have recently shared their plans for cryptocurrency and the industry at large. Former President Donald Trump expressed plans to make Bitcoin a part of his administration if elected.
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