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Yea that’s right.
The US government, traditionally not the biggest fan of cryptocurrencies, has over $8 billion in Bitcoin.
While the government has been busy seizing and selling Bitcoin linked to illegal activities, the value of their remaining stash has skyrocketed.
Genius move.
The bad guys do bad things with BTC.
Uncles Sam swoops in to catch them, takes the BTC.
Meanwhile, the value of the cryptocurrencies is going up and down the whole time.
It all started with notable seizures like those from the Silk Road and hackers of the Bitfinex exchange.
Flashback to November 2020, and the US authorities had nabbed a whopping 207,189 bitcoins.
Fast forward to today, and less than 5% of that has been sold.
The most recent sale?
A batch of 9,861 BTC at an average price of $21,800 per Bitcoin — a sum that now seems like a bargain basement deal.
The current price of BTC is nearly double that.
Let’s do some quick math.
Had Uncle Sam held onto all those seized Bitcoins, they’d be sitting pretty with around 400,000 BTC, worth a staggering $17.4 billion.
Think of what good they could do with that kind of money.
Instead, they’ve sold bits and pieces, pocketing around $640 million over the past decade.
It’s like finding a rare Picasso at a yard sale and flipping it for the price of a regular painting.
The US government’s approach to handling Bitcoin has been akin to a cautious investor in an unpredictable stock market.
They’ve sold early, missing out on potential gains, perhaps due to the volatile nature of cryptocurrencies.
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