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United States Government Sold Bitcoin Prematurely Causing $6B Lost Gains

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According to the data gathered by Jameson Lopp, the co-founder of Casa, a Bitcoin custody company, the United States government has lost more than $6 billion in possible gains because of its premature cryptocurrency sales.

It seems that the United States government, the most significant Bitcoin holder worldwide apart from Satoshi Nakamoto, the founder of Bitcoin, is experiencing a 10-figure loss.

Even though the US government is handling Bitcoin, which is worth more than $7.2 billion, it is still experiencing more losses.

READ ALSO:Binance coin –Important facts to Know

According to an on-chain analytic company, Glassnode’s data as of October 31, Washington has confiscated Bitcoin amounting to 210,429 BTC.

The United States DOJ (Department of Justice) and IRS (Internal Revenue Service) are known indirectly as the highest global Bitcoin whales.

Probably because the lawmakers have, over the years, ceased vast amounts of Bitcoin through legal proceedings, and only a tiny percentage of its holdings are resold at auction.

Fast Facts

  • Ironically, the US Department of Justice is still considered a newcomer rather than a whale. No wonder it sold its takings prematurely, missing out on huge potential gains.
  • Reports from Jameson’s statistics disclosed that the United States government sold off 195,092 BTC, resulting in it losing on gains of more than $6 billion.
  • Those who opted to purchase these proceeds made substantial profits.
  • While the US government is still mourning its substantial losses, billionaire Tim Draper, an original Bitcoin auction bidder, is actively criticizing the United States government.
  • According to Draper’s statements, the US government is stifling the growth of cryptocurrency. He further stated that the policy failures of the government are murdering the golden goose of Silicon Valley.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is changing hands at $34,450.66 while recording a slight increase in market cap of 0.08% and a drop in trading volume by 17.86%.

On the other hand, the price of Ethereum right now is at $1,806.00, with a slight increase in market cap by 0.29% and a decrease in trading volume by 11.28%.

  • Meanwhile, Tether USDT is presently trading at $1.00 while recording a slight rise in market cap of 0.22% and a drop of 7.32% in trading volume.
  • On the side of BNB right now, it is sold at $224.85, with a slight decline in market cap of 1.06% and an increase in trading volume by 7.49%.
  • Whereas, the price of XRP at the moment is at $0.6004, while seeing a slight rise in market cap of 4.88% and an increase also in trading volume of 39.31%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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