The United States government holds more than 183,000 Bitcoin (BTC), valued at approximately $12 billion, making it the largest geopolitical owner of the decentralized currency. This information comes from Arkham Intelligence, which also reports that the US government holds 50,000 Ether (ETH), 121 million USDT, 40,000 BNB, and over 10 million USD Coin.
Recent Government Transactions
The most recent transaction from US government-controlled wallets occurred on July 29, involving nearly 28,000 BTC. The identity controlling the receiving wallet is currently unknown.
Bitcoin as a Strategic Reserve Asset of the United States
On July 27, during the final day of the Bitcoin 2024 conference in Nashville, Tennessee, Senator Cynthia Lummis introduced legislation to make Bitcoin a strategic reserve asset for the United States. The Wyoming lawmaker proposed a plan for the government to purchase 5% of Bitcoin’s total supply and hold the digital commodity as a Treasury asset. Lummis described the proposal as a 21st-century “Louisiana Purchase,” referencing the historic 1803 acquisition of the American Midwest from France for $15 million.
Support from Presidential Candidates
Former President Donald Trump has hinted at creating a Bitcoin strategic reserve. During his keynote address at the Bitcoin 2024 conference, Trump promised not to sell any of the US government’s Bitcoin holdings. He stated his desire for the Bitcoin industry to flourish in the US and expressed concerns about overregulation stifling blockchain innovation.
Independent presidential candidate Robert F. Kennedy Jr. also expressed support for a strategic Bitcoin reserve. He promised to sign an executive order transferring the US government’s vast Bitcoin holdings to the Treasury and proposed purchasing 500 BTC per day until the United States owns 4 million BTC.
Skepticism About a Strategic Reserve
Not everyone is convinced that a strategic Bitcoin reserve is imminent. Ari Paul, chief information officer at BlockTower Capital, believes the odds are stacked against Bitcoin becoming a strategic reserve asset for the United States. By 2028, he estimates the chances of this happening are 10:1. Paul explained that informal announcements by presidential candidates not to sell the United States’ Bitcoin holdings are insufficient to establish an official strategic reserve fund.
The idea of Bitcoin as a strategic reserve asset for the United States has garnered attention and support from some prominent figures. However, the concept faces significant skepticism and hurdles before it can become a reality. As discussions and proposals continue, the future of Bitcoin in the US financial strategy remains a topic of keen interest and debate.
