US Gubment Owns 1% of Bitcoin’s Supply

New data from Dune shows that the United States government now holds over 205,000 $BTC, roughly $5.7 billion at current spot rates. 😱

From – Click to enlarge.

This figure is greater than that of $MSTR and $TSLA, who hold 132,500 BTC and 10,725 BTC, respectively.

Is the gubment diamond hand hodling and buying the dip? Nope. The government’s Bitcoin stash comes from multiple sources, including the Silk Road marketplace, the 2016 Bitfinex hack, and James Zhong’s illegal acquisition of over 50,000 BTC – which he stole from Silk Road. 

The growing government Bitcoin holdings represent a significant milestone for the cryptocurrency industry, indicating that Bitcoin is no longer just a fringe asset but a recognized store of value that mainstream institutions are adopting.

The gubment sometimes auctions off seized Bitcoin – but they do it in big chunks, so you have to be uber-wealthy. Like Tim Draper in 2014 when he nabbed 30,000 BTC for $18 million – that’s $600 per Bitcoin. 😡

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Ripple Gets A Big Win With Hinman

Ripple has achieved a small victory in its legal battle against the SEC as the agency’s attempt to seal the “Hinman Speech documents” was denied. 🎉

These internal files contain drafts and emails about a speech given by William Hinman, former Director of the SEC’s Division of Corporation Finance, over four years ago, saying $ETH is not a security. The documents are sought after by Ripple’s legal team to understand how the SEC arrived at its conclusion that Ethereum was not a security at the time, which could impact the classification of Ripple’s $XRP cryptocurrency.

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