US government transfers 4,000 bitcoins to Coinbase
The US government has transferred bitcoins worth more than $240 million to Coinbase.
Image Credit: Google
There are fears that it may sell some of its vast bitcoin reserves, which could lead to a drop in BTC prices.
Image Credit: Google
Let us tell you that the US seized thousands of bitcoins from convicted drug smuggler Banmeet Singh, who was arrested in London in 2019 on charges of distribution.
Image Credit: Google
Singh handed over more than 8,100 bitcoins, worth about $150 million at the time, to US authorities.
Image Credit: Google
The transfer of 4,000 bitcoins may seem quite large to you, but it is only a fraction of the government's total bitcoin holdings.
Image Credit: Google
Data shows that the US government currently (2024) holds about 214,000 bitcoins, worth more than $13 billion.
Image Credit: Google
Which makes the US the largest national holder of bitcoin globally.
Image Credit: Google
The transfer of 4,000 bitcoins to Coinbase indicates that the government is considering selling some of its long-dormant bitcoin reserves.