Vince Quill4 hours agoUnited States government holds $12B in Bitcoin — Arkham IntelligencePro-crypto Senator Cynthia Lummis recently announced legislation establishing a strategic Bitcoin reserve for the United States.1786 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States government still holds more than 183,000 Bitcoin (BTC), valued at roughly $12 billion, at the time of writing, making it the largest geopolitical owner of the decentralized currency.
According to data from Arkham Intelligence, the US government also holds 50,000 Ether (ETH), 121 million USDT (USDT), 40,000 BNB (BNB) and over 10 million USD Coin (USDC).
The most recent transaction from US government-controlled wallets occurred on July 29 for nearly 28,000 BTC, though the identity controlling the receiving wallet is unknown at this time.US Government crypto holdings. Source: Arkham Intelligence
Related: US national debt passes $35T — 5 things to know in Bitcoin this weekBitcoin as a strategic reserve asset of the United States
On July 27, the final day of the Bitcoin 2024 conference in Nashville, Tennessee, Senator Cynthia Lummis announced the introduction of legislation to make Bitcoin a strategic reserve asset of the United States.
The Wyoming lawmaker proposed a plan to purchase 5% of Bitcoin’s total supply and hold the digital commodity as a Treasury asset. Lummis called the proposal a 21st-century “Louisiana Purchase,” a reference to the purchase of the American Midwest from the French for $15 million in 1803.Source: Cynthia Lummis
Former President Donald Trump has also hinted at creating a Bitcoin strategic reserve. During his keynote address at the Bitcoin 2024 conference, the Republican presidential candidate promised not to sell any of the US government’s Bitcoin holdings. Trump stated that he wants the Bitcoin industry to flourish in the US and doesn’t want to undermine blockchain innovation through overregulation.
Independent presidential candidate Robert F. Kennedy Jr. likewise promised to sign an executive order transferring the US government’s vast Bitcoin holdings to the Treasury and purchasing 500 BTC per day until the United States owns 4 million BTC. Not everyone believes a strategic reserve is imminent
Ari Paul, chief information officer at BlockTower Capital, believes the odds are stacked against Bitcoin becoming a strategic reserve asset of the United States. By 2028, the chances of this happening are 10:1, he said.
The executive explained that an informal announcement by presidential candidates not to sell the United States’ Bitcoin holdings is not enough to establish an official strategic reserve fund.
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