U.S. Government's $13 Billion Bitcoin Stash: Trump and Lummis Push for Pro-Crypto Policies
October 15, 2024In the context of the U.S. national debt, which incurs interest of around $3 billion daily, the remaining Bitcoin would only cover half a day's worth of interest.
In the political arena, Donald Trump has publicly expressed his support for Bitcoin, advocating for a pro-crypto stance during a recent conference in Nashville.
During his Nashville speech, Trump proposed creating a Bitcoin reserve for the U.S. if he is re-elected, utilizing the Bitcoins seized by the government.
The U.S. government currently holds over 203,236 Bitcoins, valued at more than $13 billion, which represents approximately 1% of the total Bitcoin supply.
A significant portion of these holdings stems from the 2016 Bitfinex hack, where the government recovered 109,728 BTC, making up more than half of its total Bitcoin assets.
Additionally, the government possesses 69,370 BTC from the Silk Road case, which a recent court ruling has permitted them to sell.
If the government proceeds with selling its Silk Road Bitcoin, it would be left with just 24,141 BTC, valued at about $1.5 billion at current market prices.
Should the seized Bitcoins from the Bitfinex hack be returned to the exchange, the government's remaining holdings would drop to 93,511 BTC.
Senator Cynthia Lummis is also pushing for the U.S. to purchase an additional 1 million Bitcoin, further adding to the pro-crypto sentiment in U.S. politics.
This proposal could have a significant impact on the cryptocurrency community, potentially fostering optimism and growth within the sector.
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Coinpedia Fintech News • Oct 14, 2024
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