US Government Transfers 10,000 Bitcoin in Major Move
The transfer of around 10,000 Bitcoin to a wallet address ending in “noe” was executed by the United States government on August 14, 2024, at 15:38:31 UTC, as reported by Arkham Intelligence data. These funds, seized during the Silk Road raid, are currently valued at $593.91 million.
This recent transaction is part of a series of high-profile transfers involving the United States government’s Bitcoin holdings. In a previous transfer on July 29, 2024, 29,800 BTC, worth nearly $2 billion, were sent from US government wallets to an undisclosed address.
At present, the US government possesses approximately 203,000 BTC, valued at around $12 billion. This substantial Bitcoin reserve positions the US government as the primary geopolitical holder of the cryptocurrency. This fact has been emphasized by 2024 Presidential candidate Donald Trump, who has pledged not to liquidate any of the government’s Bitcoin holdings if elected. Trump has also expressed intentions to establish a “strategic Bitcoin stockpile” should he win the Presidency. Additionally, he has hinted at the possibility of leveraging Bitcoin to address the nation’s $35 trillion national debt.
Concerns have arisen within the market regarding the potential impact of a significant Bitcoin holder, such as a government, offloading substantial amounts of the digital asset. The mere suggestion of such a move can trigger market volatility. In a previous instance in July 2024, the crypto markets reacted unfavorably to reports of the German government selling its Bitcoin holdings, leading to fear and uncertainty among investors. The German government sold 50,000 Bitcoin, valued at approximately $2.9 billion at the time, and currently retains 0.007 BTC, according to Arkham Intelligence’s data. Analysts and crypto commentators have since highlighted the missed opportunity for the German government, as the premature sale resulted in a $124 million profit loss by July 13, 2024, by not waiting for prices to potentially rise further.
