A push to promote 1000’s of Bitcoin on the open market is costing the US authorities some severe beneficial properties.

Again in March, the federal government offered 9,861 BTC value about $216 million on the time.

Flash-forward to immediately, simply seven months later, that BTC is now value $332 million – a distinction of $116 million.

The US acquires Bitcoin largely by way of seizures associated to legal proceedings.

And by the top of this yr, the federal government has promised to promote the remaining 41,490 BTC seized from James Zhong, who pleaded responsible to wire fraud after being accused of manipulating transactions on the darknet market Silk Highway.

Regardless of this yr’s gross sales, the US nonetheless holds greater than $5.5 billion in Bitcoin, in accordance with current on-chain evaluation from researchers at 21.co. The huge pile of BTC represents almost 1% of BTC’s whole circulating provide.

The agency, which tracks crypto wallets related to the federal government, says that quantity is a “lower-bound estimation” of US authorities holdings based mostly on publicly accessible info.

The most important crypto asset by market cap has surged from $16,615 on January 1st to $33,575 at time of publishing, representing a 102% enhance.

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