More Than 1% of the Total Supply of Bitcoin Is Owned by The US Government; Will They Dump It?



More than 214,000 bitcoin (BTC), or more than 1% of the cap on the total production, are now held by the US government. Following a government revelation on Monday that it had recovered more than 50,000 BTC connected to the illicit internet market Silk Road, the new milestone was attained.

The US Department of Justice reported on Monday that a Silk Road burglar had 50,676.17 BTC confiscated from him. It reached 214,682 BTC thanks to the most recent contribution to the government's already sizable bitcoin reserve.

The US Justice Department has historically auctioned off bitcoin to investors without the auctions itself having much of an influence on the market. However, it's important to note that the government hasn't had a significant bitcoin auction in a while, so it's not obvious when the next one will be.

Perhaps the government is simply waiting for better prices to come along before deciding to sell, just like the rest of us?