Earlier This morning, via a document filed in court, the U.S. Government announced that bitcoins were stolen from the Bitfinex Hack in 2016 must be returned in kind. This The public blockchain of bitcoin. Arkham IntelligenceTotal 94 643 BTC worth approximately $9.4 Billion at time of writing.
Just five days before pro-Bitcoin Donald Trump After President Trump is elected for his second term in office, it appears that the U.S. will be sending back a substantial amount of its bitcoin. Bitfinex. Last summer, at The Bitcoin 2024 Conference The following are some examples of how to use Nashville, Donald Trump The government has pledged to build a strategic national bitcoin reserve using bitcoins it already holds from hacks and seizures. According The following are some of the ways to get in touch with us: Arkham Intelligence Data shows that the U.S. holds over $20 billion worth of bitcoins. If These coins should be returned to Bitfinex — that would cut Trump’s promised strategic reserve by 47.77% down to 103,466 BTC.
It It makes me confident that, if government plans to acquire large quantities of bitcoin over time, I’d want it to begin at the lowest possible price, as that will force the market to purchase more, and drive the price up. The bitcoin should be returned in-kind, the court document stated, meaning those coins will not need to be sold for dollars, relieving any downward pressure on bitcoin’s price from that would be sale. Plus bitcoin getting returned to its rightful owner sounds like the right thing to do, and I’m sure Bitfinex They will love getting their coins returned.
HoweverIf the U.S. Government is planning to buy bitcoin in bulk as a reserve for strategic purposes, Wyoming Senator Cynthia Lummis’ proposed legislation for that would need to be signed into law. As Just stands for Trump’s promise, he would just initially keep the seized bitcoin held on the government balance sheet as the strategic reserve, with the potential of acquiring more BTC by other methods, but made no hard promise on that. Senator Lummis’ proposed bill would see the United States Buy 200,000 Bitcoin per year for five years.
However This will all play out. The strategic reserve of bitcoins is bullish both for the country as well for Bitcoin in general. Obviously, Senator Lummis’ bill would be the far more bullish of the potential outcomes, because it would market buy back all the bitcoin it plans to give back to BitfinexThen 905,357 BTC. That amount of sheer buying demand would most likely send the price of bitcoin skyrocketing, especially as other governments around the world start buying as well to keep up with our government’s purchases.
Even If Lummis’ bill does not come to fruition, and we only get the reserve that Trump Promised, that’s still enough for me to convince other governments FOMO and create their own reserves.
There There are only 450 bitcoins mined each day. With institutional Bitcoin purchases outpacing new BTC supply this year, the situation could quickly get crazy. Buckle up.
This The article is also known as Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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