As of March 12, the U.S. authorities controls 195,234 Bitcoin, valued at greater than $16 billion, in keeping with a brand new Nansen report.
The federal government’s crypto portfolio additionally contains $4.6 million price of Ethereum (ETH), stablecoins resembling USDC, and yield-bearing belongings DAI and AUSDC_V2.
A newly proposed invoice, launched by Rep. Nick Begich, may dramatically enhance the federal government’s holdings. The Home Strategic Bitcoin Invoice goals to accumulate 1 million BTC, implying roughly 5% of Bitcoin’s whole provide, over the following 5 years. If handed, the greenback worth of the purchases at right this moment’s market worth can be simply shy of $110 billion.
Implications for the Market
If the invoice passes, the U.S. authorities’s Bitcoin holdings would surpass the estimated 1.1 million BTC attributed to Bitcoin’s mysterious creator, Satoshi Nakamoto. This may give the federal government vital affect over market liquidity and worth stability, probably driving up Bitcoin’s worth and reshaping market dynamics.
Nevertheless, this stage of possession raises issues in regards to the centralization of a historically decentralized asset. Massive-scale acquisitions may make the federal government a worth setter within the Bitcoin market which some argue stands in opposition to the unique ethos of cryptocurrency.
