The Crypto Basic
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Senator Lummis Calls Alleged US #Bitcoin Dump a “Strategic Blunder”. Pro-crypto Senator Cynthia Lummis reacts to reports that the United States government has sold more than 80% of its Bitcoin stash, referring to the move as a strategic blunder.
Yesterday, the crypto community was stirred by reports claiming that the U.S. government had offloaded a significant portion of its nearly 200,000 BTC stash. Some sources stated that the sale had reduced the government’s Bitcoin holdings to just 28,988 BTC, an 85% drop from the 198,012 BTC it held earlier this year.
For context, the reports emerged after a FOIA response from the U.S. Marshals Service (USMS) surfaced online, suggesting that the agency held roughly 29,000 BTC.
The USMS is responsible for managing and auctioning off seized cryptocurrencies, including Bitcoin, in the United States. As such, the news that it holds only 29K BTC alarmed the crypto industry.
Notably, Senator Lummis reacted to the report via a post on X, expressing shock that the government may have sold off 80% of its Bitcoin holdings. She stated that if the reports were accurate, then the government had made a total strategic blunder. In her view, such a move may set the U.S. several years backward in the global Bitcoin race. Meanwhile, the claims that the U.S. government has sold most of its Bitcoin holdings misinterpret the FOIA response. While the response indicated that USMS holds roughly 29,000 BTC, on-chain data from Arkham Intelligence shows the U.S. government still has approximately 200,000 BTC. The government obtained these assets through criminal and civil forfeitures. Tracked public wallets indicate that the government still holds a total of 198,012 Bitcoin, currently worth $23.49 billion. The U.S. plans to retain them for several years, anticipating a future price increase and using the proceeds to help offset national debt.. President Donald Trump outlined this strategy while signing an executive order earlier this year. He ordered the BTC tokens to be held in a strategic reserve.
#CryptoNewss
Yesterday, the crypto community was stirred by reports claiming that the U.S. government had offloaded a significant portion of its nearly 200,000 BTC stash. Some sources stated that the sale had reduced the government’s Bitcoin holdings to just 28,988 BTC, an 85% drop from the 198,012 BTC it held earlier this year.
For context, the reports emerged after a FOIA response from the U.S. Marshals Service (USMS) surfaced online, suggesting that the agency held roughly 29,000 BTC.
The USMS is responsible for managing and auctioning off seized cryptocurrencies, including Bitcoin, in the United States. As such, the news that it holds only 29K BTC alarmed the crypto industry.
Notably, Senator Lummis reacted to the report via a post on X, expressing shock that the government may have sold off 80% of its Bitcoin holdings. She stated that if the reports were accurate, then the government had made a total strategic blunder. In her view, such a move may set the U.S. several years backward in the global Bitcoin race. Meanwhile, the claims that the U.S. government has sold most of its Bitcoin holdings misinterpret the FOIA response. While the response indicated that USMS holds roughly 29,000 BTC, on-chain data from Arkham Intelligence shows the U.S. government still has approximately 200,000 BTC. The government obtained these assets through criminal and civil forfeitures. Tracked public wallets indicate that the government still holds a total of 198,012 Bitcoin, currently worth $23.49 billion. The U.S. plans to retain them for several years, anticipating a future price increase and using the proceeds to help offset national debt.. President Donald Trump outlined this strategy while signing an executive order earlier this year. He ordered the BTC tokens to be held in a strategic reserve.
#CryptoNewss
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