The US Department of the Treasury and other federal agencies are set to disclose their holdings of Bitcoin and other digital assets on April 5
One of these new offices will manage the Strategic Bitcoin Reserve, which will hold Bitcoin obtained through criminal and civil forfeiture. Unlike previous government asset sales, this reserve will not sell Bitcoin. Instead, it will serve as a long-term store of value—essentially a digital Fort Knox.
David Bailey, CEO of BTC Inc., believes the upcoming disclosures could provide insight into Bitcoin’s recent price swings. Since the establishment of the reserve, Bitcoin’s price has dropped about 10%, falling from over $92,000 to around $82,000. Economic concerns, including trade war tensions and recession fears, have also played a role in the market’s volatility.
Currently, the US government holds approximately 198,012 BTC, valued at around $16.5 billion, according to Arkham Intelligence. However, that number could have been much higher. David Sacks, the White House’s crypto czar, stated that over the past decade, the government has held as much as 400,000 Bitcoin through forfeitures.
Unfortunately for Uncle Sam, roughly half of that—195,000 BTC—was sold off, bringing in just $366 million. Had the government held onto its entire stash, it would now be worth over $17 billion.
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 risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from 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.
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