US Government Holds Around 210,000 BTC

The Crypto industry goes through a lot of changes due to prevailing uncertainties. But it remains to be one of the favorite investment options for investors around the globe. Bitcoin is the dominant coin in this industry and holds the first position in terms of market cap. Also, the coin has many real-life utilities, making it one of the best coins to invest in the market. You should check out the bitcoin trading platform (Immediate Edge Platform) if you are new to cryptocurrency trading and investing.

Apart from the retail investors, there exist Crypto whales in the market, holding massive amounts of Cryptocurrencies. The whales have a heavy influence on the price movements of digital currencies and the trends in the industry. Similarly, the government of the US holds around 210,000 BTC at present. With this, they are turning out to be one of the biggest Crypto whales worldwide.

The US Is Now Among The Top BTC Whales

With the government of the states holding over 210,000 BTC, it is now one of the top BTC whales in the industry. The total worth of these tokens is around 4.3 billion USD which helps in leading the US to this top position.

This fact was announced in a tweet by Satoshi Stacker, who is a famous Cryptocurrency influencer. After the revelation of 50,000 Bitcoin seizures by the government, they now hold more than 210,000 BTC. This is a result of the disclosure of digital assets from all types of illegal activities and was pointed out by Satoshi via a Tweet!

With the announcement of this fact, there is a wave of mixed response among the community. A sign of selloff concerns is developing in the market at present. After James Zhong’s guilty petition, the total BTC held by the US government rose by a considerable amount. In this fraud, James planned to defraud a marketplace in the dark web, called the Silk Road. With this plan, he gathered around 50, 676 Bitcoin in an illicit manner.

With a raid on James’ home, the US authorities captured the Bitcoin in his capture. A few months back, he pleaded guilty, and with this, all the seized BTCs were added to the government’s claim.

Also, the authorities announced that they seized BTC worth over 3.6 Billion USD, from two other individuals. These persons have links with the hack of Bitfinex back in 2016.

Results Of Crypto Seizures

As per the data, the US has now become among the top holders of BTC, placing itself as the top BTC whale. The state has now crossed MicroStrategy in this aspect, as it has 130,000 in its account, while it is 210,000 for the US!

The US authorities auction the assets which they manage to capture from such raids. Also, with its Marshall Services, the authorities auction off the Cryptocurrencies or other assets that are seized from illicit activities. In November 2021, the authorities managed to sell crypto worth around 56 million USD. These Crypto assets were confiscated from the fraud case of BitConnect.

The total revenue from all the auctions is used in compensating the victims of the cases. Or, the funds get distributed among the governmental agencies.

Different Government Holds BTC Too

It is not the case that only the US has BTC in its possession, other governments have it too! A few days back, the CEO of CryptoQuant, Ki Young Ju pointed out the fact that the government of China holds BTC in large amounts as well. These coins were seized during the PlusToken scam back in 2019.

Also, Ki points out that the Bulgarian government may own around 200,000 BTC! This is the data as per the reports of The Crypto Basic. The authorities confiscated these digital currencies from a custom-related illegal activity. But, the authorities have not given any clear indication about holding the coins.

Conclusion

A crypto whale has a high influence on the functioning of the market. They can lead to fluctuations in the prices and values of different Cryptocurrencies. With the changes in their demand and strategy, the market may face bullish or bearish runs. And, it will be worth watching how the situation will affect the market after the US has become a top Crypto whale.