An interesting fact is that the US government is now among the so-called bitcoin whales, or big asset holders, which also include Changpeng Zhao, the CEO of Binance, and Michael Saylor’s MicroStrategy.
Currently, the US government controls more than 50,000 BTC after seizing them as part of an investigation into a lengthy fraud that took place on the earlier Silk Road shadow market. Since then, any transactions involving these assets have been continuously observed.
The US government’s market goals and the overall impact of their position on the market are less obvious, whereas MicroStrategy and other whales appear to be attempting to “Hoddle” their bitcoins.
In the crypto community, concern is growing as a result. The cryptocurrency market panics whenever there is erroneous information about the movement of assets controlled by the US government. Due to the widespread sale of coins, traders are concerned about the market collapsing.
The head of trading at Genesis Trading, though, thinks that the government is behaving more diplomatically. Additionally, he thinks that such sales could present fresh business prospects in the future for start-ups trying to make money from their Bitcoin holdings.
We further point out that since we can always trace significant payments made by the US government to cryptocurrency exchanges, bitcoin’s transparency makes it easy to avoid falling for fakes. Furthermore, the American Coinbase is most frequently used by the authorities.