{"id":184562,"date":"2023-10-31T21:20:45","date_gmt":"2023-10-31T15:50:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184562"},"modified":"2023-10-31T21:20:45","modified_gmt":"2023-10-31T15:50:45","slug":"us-govt-missed-bitcoin-gains-now-total-6b-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-govt-missed-bitcoin-gains-now-total-6b-crypto-news\/","title":{"rendered":"US gov\u2019t missed Bitcoin gains now total $6B – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>), worth over $7.2 billion, is still controlled by the United States government \u2014 but its losses are mounting.<\/p>\n

Data<\/a> from on-chain analytics firm Glassnode shows that Washington\u2019s seized Bitcoin total 210,429 BTC as of Oct. 31.<\/p>\n

195,000 BTC sold, $6.3 billion down<\/h2>\n

The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) are well known \u2014 perhaps accidentally \u2014 as being one of the world\u2019s largest Bitcoin whales<\/a>.<\/p>\n

Through various legal proceedings, lawmakers have confiscated vast amounts of BTC over the years, and only a small percentage of its takings have been resold at auction.<\/p>\n

Those who opted to buy the proceeds have profited considerably<\/a>, and adding to the irony, the DoJ \u2014 more like a Bitcoin newbie than a whale \u2014 has been guilty of selling too soon.<\/p>\n

According to statistics<\/a> compiled by Jameson Lopp, co-founder of Bitcoin custody firm Casa, the government has so far missed out on a grand total of $6,323,203,004 in potential gains from its 195,092 BTC sell-off.<\/p>\n

Largest national and corporate Bitcoin holdings (screenshot). Source: Bitcoin Treasuries<\/em><\/figcaption><\/figure>\n

No single entity other than Satoshi Nakamoto owns more BTC than the DoJ. The largest corporate BTC treasury, for example, owned by MicroStrategy, currently consists of 158,245 BTC ($5.43 billion), per data<\/a> from monitoring resource Bitcoin Treasuries.<\/p>\n

Heavy Bitcoin bag<\/h2>\n

Glassnode shows the DoJ stash growing in step with announcements of confiscations.<\/p>\n

Related:\u00a0There are now nearly 40M Bitcoin addresses in profit \u2014 A new record<\/a><\/em><\/strong><\/p>\n

In early 2022, its inventory increased by nearly 100,000 BTC<\/a> \u2014 at the time worth $3.6 billion \u2014 thanks to legal action<\/a> against individuals accused of attempting to launder the proceeds of a 2016 hack of major crypto exchange Bitfinex.<\/p>\n

U.S. government BTC balance chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Meanwhile, billionaire Tim Draper, one of the original BTC auction bidders, recently accused the U.S. government<\/a> of suppressing crypto growth.<\/p>\n

Having previously predicted a $250,000 BTC price tag for 2022, Draper subsequently claimed that policy failures were \u201ckilling the golden goose of Silicon Valley.\u201d<\/p>\n

\u201cRegulations smother innovators,\u201d part of an X post from May reads.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), worth over $7.2 billion, is still controlled by the United States government \u2014 but its losses are mounting. Data from on-chain analytics firm Glassnode shows that Washington\u2019s seized Bitcoin total 210,429 BTC as of Oct. 31. 195,000 BTC sold, $6.3 billion down The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) […]<\/p>\n","protected":false},"author":2,"featured_media":184563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-184562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=184562"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184562\/revisions"}],"predecessor-version":[{"id":184565,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184562\/revisions\/184565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/184563"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=184562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=184562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=184562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}