Is the US Government HODLing Bitcoin?

IconCryptoNewsTerminal Staff15 Aug, 2024

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Is the US Government HODLing Bitcoin?

Recent on-chain data suggests that the US government has been moving Bitcoin (BTC). However, experts believe it is unlikely that these funds will be sold. Ryan Li, lead analyst at Bitget Research, told Cointelegraph that an address believed to be that of the US government has transferred 15,940 BTC ($966 million) to Coinbase Prime this year. This has led to speculation that the government may be preparing to sell its Bitcoin holdings. However, Li believes that this is unlikely. He said, "The US government is a long-term player in the Bitcoin market. They are not going to sell their holdings at a loss." Li's comments are in line with the U.S. Department of Justice's recent seizure of Bitcoin from criminals. This suggests that the government is taking a tough stance on cryptocurrencies, and that a sale of its holdings is unlikely.

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