The U.S. Treasury has held meetings with three cryptocurrency custody companies to discuss how to protect the nation's strategic Bitcoin reserves. This is an important step, showing that the U.S. government is becoming more serious about digital assets. But who will hold this massive amount of Bitcoin?
Who Is Advising the U.S. Government?
According to sources from #Decrypt , the U.S. Treasury met with Anchorage Digital – one of the leading crypto custody companies – this Monday. Anchorage CEO Nathan McCauley confirmed that government officials asked many questions about how to store Bitcoin safely, as well as the impact of custody on stablecoins and the cryptocurrency market structure.
"The Treasury is asking all the right questions. Clearly, they are approaching digital assets cautiously, as America is writing history." – McCauley said.
Besides Anchorage, two other custody companies are also participating in the discussions, but their identities have not been disclosed.
The U.S. Government Has Not Yet Decided How to Store Bitcoin
A source from the U.S. Congress stated that the Treasury is still in the early stages of determining a long-term Bitcoin storage solution. Currently, they do not have a final decision and are actively consulting industry experts.
Some experts suggest that the government should use one or more third parties to store $BTC in the early stages, before moving towards self-custody when ready.
Self-custody means the government will manage Bitcoin through cold wallets, rather than relying on outside companies. However, since the U.S. digital asset reserve includes many types of seized crypto across various blockchains, complete third-party custody may be the long-term solution.
Who Is Holding the U.S. Government's Bitcoin Now?
Currently, the U.S. government owns nearly 200,000 BTC, worth approximately $16.4 billion. But where is this Bitcoin being stored?
Last summer, the U.S. Marshals Service collaborated with Coinbase to manage their digital asset holdings. However, when asked if Coinbase was holding the government's Bitcoin, a company representative declined to comment.
Coinbase CEO Brian Armstrong only posted a vague update on X (Twitter), stating that his company is working with 145 government organizations in the U.S. and 29 other government organizations worldwide.
Bitcoin Storage: An Urgent Issue
At a recent event of the Bitcoin Policy Institute, the CEOs of BitGo, Casa, and Anchorage discussed how the U.S. should store Bitcoin.
Nick Neuman, CEO of Casa, joked that the government's Bitcoin might be "sitting in a drawer at the U.S. Marshals office."
Mike Belshe, CEO of BitGo, added: "Or on a USB drive sitting on someone's desk."
Though merely humorous remarks, they reflect the reality that the way the U.S. government stores Bitcoin still raises many questions.
Conclusion
The U.S. Treasury is actively seeking solutions to store #bitcoin safely. With billions of dollars worth of BTC, security is the top priority. Will the U.S. government self-manage its digital assets or continue relying on third parties? This remains an unknown.
👉 What do you think about the U.S. building a strategic Bitcoin reserve? Leave your comments below!