US government is a bigger Bitcoin whale than MSTR and TSLA
- Several recent Bitcoin seizures made the US government one of the largest BTC holders.
- Currently, Bitcoin is trading at USD 26,779.
Bitcoin (BTC) found its place among the best assets in a fairly short time since its inception. The journey it took was nothing short of extraordinary. The glamor of the first cryptocurrency could not stop institutions from holding some of it. Companies such as MicroStrategy, Galaxy Digital, Voyager and Tesla were in leading positions until the US government surpassed them in total bitcoin (BTC) holdings.
According to Dune Analytics data, the United States government currently holds 205,515 BTC. Today’s USD balance for the central government amounts to around USD 5.5 billion (USD 5,556,822,520).
On the other hand, several other trackers showing institutional BTC holdings suggest that government holdings are way ahead of many companies. For example, Bitcoin evangelist Michael Saylor’s MicroStrategy (NASDAQ: MSTR ) has around 138,995 BTC worth over $3.75 billion. Galaxy Digital Holdings and Voyager Digital have 40,000 BTC and 12,260 BTC in their crypto holdings. Elon Musk’s Tesla (NASDAQ: TSLA ) holds 10,725 BTC worth around $289 million USD.
The US government accumulated this huge amount of BTC in many different instances over time. Dune’s dashboard noted three of the largest seizures of bitcoin since 2020. It included a seizure following the Silk Route incident in November 2020, the Bitfinex hack in January and James Zhong in March 2022.
In 2020, the government confiscated more than 69,369 Bitcoins from an individual regarding the Silk Road marketplace named “Individual X.” The blockchain analysis confirmed that the person’s wallet address had originated from the infamous darknet market. Federal enforcement agencies were reported to seize the funds in November of that year.
Prominent cryptocurrency exchange Bitfinex faced a digital hack in 2016. Authorities seized 94,636 BTC said to be related to the digital hack. The US Department of Justice claimed it was the largest crypto seizure, valued at around US$4 billion.
Another instance was also linked to Silk Road, where an individual named James Zhong, related to the marketplace, pleaded guilty to acquiring more than 50,000 BTC. The Ministry of Justice reportedly seized 51,326 BTC worth US$3.36 billion from Zhong’s residence.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
