Cryptocurrency Trends under the Trump Administration: A Closer Look
The inauguration of the Trump administration marked a significant shift for the cryptocurrency sector. With Gary Gensler’s departure from the Securities and Exchange Commission (SEC), what many described as ‘operation chokepoint 2.0’ and the ‘war on crypto’ came to an end. This change brought a glimmer of hope for crypto enthusiasts, although direct actions in favor of digital currencies have been limited.
That said, there has been ongoing speculation about the possibility of a strategic Bitcoin (BTC) reserve. To explore this topic, Finbold has delved into blockchain analytics platforms like Arkham Intelligence to investigate whether the current administration has been discreetly accumulating cryptocurrencies.
Is the U.S. Government Secretly Accumulating Bitcoin?
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Initial investigations reveal that, if the Trump administration has indeed been acquiring Bitcoin, the quantities remain insignificant. According to data from Arkham Intelligence, there is no significant alteration in the total cryptocurrency reserves held by the U.S. government.
However, it’s important to note that the existing reserve is far from negligible. Current records indicate that the Federal Government possesses nearly 200,000 BTC at present. In addition to Bitcoin, the government also holds a variety of other digital assets, including Ethereum (ETH), Binance Coin (BNB), as well as wrapped versions of major tokens and stablecoins like USDC and USDT. Altogether, the value of these holdings amounts to approximately $21 billion.
The U.S. Government’s Crypto Trading Practices Unveiled
Since January 20, notable cryptocurrency purchases by the government have not been observed. Nevertheless, it is worth noting that bodies like the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) have opted not to liquidate the Bitcoin seized from the infamous Silk Road marketplace.
With Bitcoin’s value appreciating to a press time figure of $101,436, the holdings from Silk Road have surged to an estimated $7.3 billion. This lack of trading activity suggests adherence to Trump’s pledge not to liquidate federally controlled cryptocurrency assets.
The ongoing developments and strategies surrounding government-held cryptocurrencies continue to intrigue industry watchers and signal potential future shifts in the digital asset landscape.
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