Bitcoin’s rise to fame is undeniable. Its decentralized nature is a big draw, meaning it’s not controlled by any single entity like a bank or government. But guess what? Banks and governments aren’t just sitting on the sidelines; they’re diving headfirst into the Bitcoin craze.
And get ready for a shocker: the US government is swimming in BTC. It holds a massive stash that would make any crypto enthusiast’s eyes pop.
US Leads Governments in Bitcoin Holdings
New data from Arkham, a crypto intelligence platform that loves to dig into blockchain secrets, reveals the US government as one of the biggest players in the Bitcoin game. The US currently rubs shoulders with heavyweights like the UK and Germany.
Source: Arkham
According to the numbers, the US sits on a whopping 212,847 BTC in its treasure trove. This is valued at a cool $15 billion. And that’s not all. They’re dabbling in other cryptos like Ether, USDC, and USDT, adding another $200 million to the mix.
But wait, there’s more: the UK and Germany aren’t far behind, boasting billions in BTC holdings. Meanwhile, El Salvador, the trailblazer in making Bitcoin an official currency, has a smaller slice of the pie.
Surprisingly, the US government has had increased an appetite for Bitcoin since early 2023. They’ve added at least 5,000 BTC to their pile. A good chunk of that comes from seizing assets related to cybercrime adventures like Silk Road and Bitfinex hacks.
US government sends over 30,170 Bitcoin worth $2 billion to Coinbase using Silk Road hack funds, per Bitcoin Magazine.
— unusual_whales (@unusual_whales) April 2, 2024
A Step Forward in Transparency
Arkham’s latest tool is a dashboard showcasing governments with the fattest crypto wallets. This lets you peek into the real-time balances and transaction histories of these players.
Arkham’s release of these crypto power rankings isn’t just a cool gadget for enthusiasts. It’s a major step toward transparency in the cryptocurrency world. It sheds light on who the big players are.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
