The post U.S.Marshals Reveals the Government Holds Only 28,988 Bitcoin Down from Nearly 200k appeared first on Coinpedia Fintech News
The United States government ostensibly holds 28,988 Bitcoin (BTC) units from the previously presumed reserves of around 200k coins. According to a report from the U.S. Marshals Service, the government has silently offloaded its Bitcoin stash without leaving an on-chain footprint for the public to consider.
The move has prompted huge criticism from the pro-Bitcoin regulators led by Senator Cynthia Lummis, who has championed the Donald Trump administration to implement a strategic Bitcoin reserve. According to Lummis, if the U.S. Marshal has sold the Bitcoin stash, the country has been set back a year in the Bitcoin race.
Why the Bitcoin Stash Matters for the United States
The United States Bitcoin stash has been a major difference between the Republicans and the Democrats. President Donald Trump gained the majority of young crypto voters’ attention through his Bitcoin stance including plans to introduce a strategic Bitcoin Reserve and clear crypto regulatory frameworks.
The potential Bitcoin sale by the United States will put China ahead until the former’s strategic BTC reserve is implemented. With Bitcoin price on an upward trajectory fueled by heightened demand from institutional investors and nation states, the United States is likely to experience similar losses recorded by the German government.
Notably, the German government sold its Bitcoin stash even before the BTC price surged above $60k, thus losing billions of dollars for not holding the coins for less than a year.