US Government Transfers 10,000 Bitcoins: What Could This Mean for the Market?

The crypto market is buzzing following the movement of 10,000 bitcoin by the US government. This transaction, valued at nearly $594 million, raises questions about Washington’s crypto strategy and its potential impact on the market.

A new move that does not go unnoticed

The US government continues to shake things up in the crypto world. Arkham Intelligence has revealed a movement of 10,000 bitcoins, equivalent to about $594 million.

These funds, seized during the dismantling of Silk Road, add to a previous transfer of 29,800 BTC in July 2024, valued at nearly $2 billion at the time.

With an estimated portfolio of 203,000 BTC, or about $12 billion, the United States asserts itself as the uncontested leader among bitcoin-holding nations.

While the market had recently regained some strength, it is now plunged into a bloodbath, with bitcoin losing up to 5% of its value.

A revolutionary Bitcoin bill in the making!

Alongside these transfers, Senator Cynthia Lummis is shaking up the status quo with her ambitious BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide). Indeed, this initiative proposes to establish a strategic Bitcoin reserve to strengthen the financial balance sheet of the United States.

The bill has already sparked considerable enthusiasm, garnering over 2,200 letters of support in just 48 hours. The proposal to acquire 1 million bitcoins aims not only to position the United States as a leader in financial innovation but also to offer a solution to the challenges of inflation and national debt.

Senator Lummis even envisions partially funding these purchases by revaluating gold certificates held by the Federal Reserve, marking a historic shift in US monetary policy.

The movement of 10,000 bitcoins by the US government is part of a broader trend where some governments are disposing of their BTC.

Last month, Germany moved the market by selling its bitcoin reserves. This massive sale has also raised criticism within the government, with some wanting to make bitcoin a strategic currency.