This week, the US government moved 10,000 bitcoins to the cryptocurrency exchange Coinbase Prime, raising questions about the purpose of this operation.
Silk Road and Coinbase Agreement
Attorney Scott Johnsson confirmed that the US Marshal Service (USMS) entered into a service agreement with Coinbase in June this year. This agreement stipulates that USMS assets remain segregated, and any transfers to Coinbase Prime are an indication of completed or impending sales.
Current Bitcoin Movements
Over the past month, the US government has moved a total of 40,000 bitcoins seized from the Silk Road route. These transfers began soon after the German government liquidated all of its bitcoins in July. According to Arkham Intelligence, the US government currently holds 203,239 BTC worth approximately $12.420 billion.
Bitcoin as a Reserve Asset
Former President Donald Trump stated that he would consider making Bitcoin a reserve asset for the US if elected in the 2024 Presidential Elections. Many in the crypto industry back this idea and express criticism towards Kamala Harris for her crypto reset promises. Industry leaders believe that cryptocurrency regulations should be established by the end of the year.
With significant bitcoin movements by the US government, the crypto industry entrepreneurs express various opinions on the future of bitcoin in the US, leading to high expectations and interest in crypto regulation.
Comments