The coming of the Trump administration swiftly bore fruit for the cryptocurrency industry since, as it entered the white house, Gary Gensler exited the Securities and Exchange Commission (SEC), thus ending what many called ‘operation chokepoint 2.0’ and the ‘war on crypto.’
Still, more direct actions favoring digital assets have been scarce – though not non-existent – and such has been the case with the hoped-for strategic Bitcoin (BTC) reserve.
Under the circumstances, Finbold elected to examine blockchain sources such as Arkham Intelligence to try and determine if the incumbent government has been buying cryptocurrencies behind the scenes.
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Is the Federal Government loading up on Bitcoin?
As quickly became apparent from the available data, even if the Trump administration has been buying BTC, the quantities have been trivial. Indeed, Arkham Intelligence shows no noteworthy change in the total amount of cryptocurrency owned by the U.S. government.
This, however, does not mean the already-existing reserve is negligible. Specifically, records show the Federal Government holds nearly 200,000 BTC at press time.
Many other cryptocurrencies are also in the hands of the administration, and – other than Bitcoin – the top holdings include Ethereum (ETH), BNB (BNB), the wrapped versions of the major coins and tokens, and a selection of stablecoins like USDC and USDT.
In total, the value of government cryptocurrency stands at a substantial – but not staggering – $21 billion.
The U.S. Government crypto trading activity revealed
Though no substantial buying has occurred since January 20, it is worth pointing out that sections of the government, such as the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI), have not exercised their right to sell BTC seized from the Silk Road.
Thanks to Bitcoin appreciating to its press time price of $101,436, their holdings have grown to nearly $7.3 billion in value.
Such trading activity – or rather, the lack thereof – indicates that the authorities are following the guidelines set by Trump when he promised not to sell any cryptocurrency found under Federal control.
Featured image via Shutterstock
