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Learning Outside the Box

"GLOBAL ISSUES, LEADERSHIP CHOICES":

10/18/2023

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The U.S. government has become, rather accidentally, one of the world's largest holders of bitcoin. "Uncle Sam’s stash of some 200,000 bitcoin was seized from cybercriminals and darknet markets. It is primarily offline in encrypted, password-protected storage devices known as hardware wallets that are controlled by the Justice Department, the Internal Revenue Service or another agency. What the federal government does with its bitcoin has long been a topic of interest among crypto traders because any sale could potentially swing prices or cause other ripple effects in the $1 trillion digital-asset market. ... [T]hat big pile of bitcoin is more a byproduct of a lengthy legal process than strategic planning. ... Even after selling some 20,000 bitcoin, the U.S.’s holdings are still worth more than $5 billion, the analysis shows. The size of the government’s total stash is likely much larger. ... When a government agency takes control of a crypto asset, Uncle Sam doesn’t immediately own that asset. Only after a court issues a final forfeiture order does the government take ownership and transfer the tokens to the U.S. Marshals Service, the primary agency tasked with liquidating seized assets. ...“Our goal is to dispose of assets in a timely manner at fair-market value,” a representative for the agency said. In many cases, the proceeds from the government’s sales go toward reimbursing victims." www.wsj.com/finance/currencies/federal-government-bitcoin-5-billion-78ce0938
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