U.S. Government's $13 Billion Bitcoin Stash: Trump and Lummis Push for Pro-Crypto Policies

October 15, 2024
U.S. Government's $13 Billion Bitcoin Stash: Trump and Lummis Push for Pro-Crypto Policies
  • In 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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