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$

BTC $66,820 -2.01% ETH $3,321 +1.54% BNB $575 -1.62% SOL $183 -1.14% XRP $0.60
+0.15% ADA $0.404 -0.70%
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Vince Quill
4 hours ago


UNITED STATES GOVERNMENT HOLDS $12B IN BITCOIN — ARKHAM INTELLIGENCE

Pro-crypto Senator Cynthia Lummis recently announced legislation establishing a
strategic Bitcoin reserve for the United States.

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The United States government still holds more than 183,000 Bitcoin

BTC

$66,820

, 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

$3,321

, 121 million USDT

USDT

$1.00

, 40,000 BNB

BNB

$575

and over 10 million USD Coin

USDC

$1.00

.

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 week


BITCOIN 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.

Magazine: Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas
Fahrer, X Hall of Flame

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Subscribe

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 * #Bitcoin
 * #Blockchain
 * #Dollar
 * #Adoption
 * #United States
 * #Elections
 * #Donald Trump
 * #Regulation


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