The United States (US ) government has set a new record in Bitcoin (BTC) holdings. According to data from blockchain intelligence firm Arkham, the US government's Bitcoin assets now reach a total of 216,788 BTC, worth around $13.83 billion (Rp221.8 trillion).
Dark Web Confiscation Results
The increase was mainly due to the seizure of assets belonging to Banmeet Singh, an Indian national involved in illegal activities on the dark web. Singh, who pleaded guilty to drug distribution charges in January this year, sacrificed about $150 million from the proceeds of his illegal operation. In addition, authorities also seized 3940 BTC belonging to the perpetrators. This asset is currently valued at around $250 million (Rp4 trillion).
This latest seizure significantly boosted the US government's Bitcoin reserves, which now stand at $13.8 billion. Arkham said most of these assets may have been acquired through criminal seizure.
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The Number of US-Owned Bitcoins Is Increasing
Prior to this latest addition, the US government's Bitcoin assets amounted to around $8 billion. As of October 2023, the country holds around $5.3 billion worth of Bitcoin. According to separate data from blockchain analytics firm Dune, the US government has seized around 200,000 tokens from cybercriminals since 2020.
The Biggest Bitcoin Seizure from Silk Road
The country's three largest Bitcoin seizures since November 2020 to date include the infamous seizure of 69,369 BTC from Silk Road, the January 2022 seizure of 94,643 BTC of Bitfinex, and the March 2022 seizure of 51,326 BTC.
Thanks to its vast Bitcoin portfolio, the United States has recently emerged as one of the largest holders of cryptocurrencies on a regional scale. Arkham data shows that the US held around 212,847 Bitcoins as of April 2024, outperforming countries such as the UK and Germany.
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The US Has Ethereum
In addition to Bitcoin, US authorities also own most of Ethereum (ETH) and other cryptocurrencies, such as USDT and USDC, with a total valuation of around $200 million (Rp3.2 trillion). Britain and Germany took second and third place. Arkham said the British government holds about 61,245 BTC, while the German government owns 49,858 BTC.
US Sells Bitcoin Periodically
Although the US government holds significant amounts of Bitcoin, they periodically sell a portion of their crypto assets, especially BTC. For example, in March 2023, the US sold around 10,000 Bitcoins in connection with the Silk Road case. In January this year, the government revealed its intention to sell a portion of Bitcoin worth around $130 million.
In addition, data from researcher Jameson Lopp revealed that US Marshals had facilitated the sale of 195,000 BTC on behalf of the government. The total BTC seized and sold reached 195,091.75, resulting in a total sales profit of $366 million.
Last month, the U.S. government transferred a portion of the proceeds from the Silk Road seizure, then worth about $200 million, to Coinbase. The exchange received about 30,175 Bitcoins from wallets associated with the U.S. government.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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