New data shows how the federal government has accumulated billions of dollars worth of bitcoins over the years. As it plans and executes more sophisticated sales worth hundreds of millions, bitcoiners consider its influence as a major whale.
By Landon Manning
From years of various seizures and confiscations, the U.S. government has become one of the world’s largest holders of Bitcoin, with its 200k bitcoin worth more than $5 billion.
Throughout the many years of Bitcoin’s ascendancy into a worldwide phenomenon, its millions of supporters have had extremely diverse backgrounds and viewpoints, even as they have all been united in the pursuit of a worldwide decentralized currency. Among this cohort, naturally, there have been a few criminals. Even now in October 2023, new details are still coming to light about the prosecution of Bitcoin-related crimes that took place more than a decade ago. Jimmy Zhong, who was finally sentenced to prison this year, was convicted of stealing some 50k bitcoin from the now-defunct Silk Road in 2012. The government has long since confiscated his bitcoin, but many of them essentially remained frozen as the legal battle proceeded. Obviously, during a decade, this bitcoin has accumulated tremendous value.
It must be remembered, however, that this particular example is one of many, and a very early one at that. Over the years, it has come to light that the federal government has accumulated a…
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