Bitcoin Held by the US Government: Four Dates to Watch for Possible Selling Pressure

04/17/2023 02:02 • Blockchain Briefs • 95 views

According to reports, according to blockchain analysis company CrvptoQuant, Bitcoin held by the US government may bring additional selling pressure, with four key dates being May 26, August 7, October 19, and December 30.

Analysis: Bitcoin held by the US government may bring additional selling pressure

Bitcoin, the world’s most popular cryptocurrency, has been a topic of discussion for investors and regulators alike. One of the main concerns of the US government is how to hold Bitcoin in a manner that is legal and secure. According to reports, blockchain analysis company CrvptoQuant has suggested that Bitcoin held by the US government may bring additional selling pressure. In this article, we will discuss the implications of these findings and identify the four key dates to watch for possible selling pressure.

The Role of the US Government in Bitcoin

Bitcoin is a decentralized currency, which means that no central authority controls it. However, governments around the world have started to show an interest in regulating Bitcoin. In the US, the government has taken a cautious approach to Bitcoin. In 2013, the US Department of Justice declared Bitcoin to be a legitimate financial instrument subject to regulations such as anti-money laundering (AML) and know-your-customer (KYC) requirements.
In 2014, the United States Marshals Service (USMS) conducted the first auction of 30,000 Bitcoins seized during the Silk Road case. Since then, the US government has been holding Bitcoin and other cryptocurrencies, including Ethereum and Ripple.

The Possible Selling Pressure

CrvptoQuant, a blockchain analysis company, has identified that Bitcoin held by the US government may cause additional selling pressure. According to the company, the US government owns approximately 114,000 Bitcoins, which is around 0.5% of the total Bitcoin in circulation. CrvptoQuant has identified four dates on which it believes the US government may sell its Bitcoins, causing a downward pressure on Bitcoin prices.

The Four Dates to Watch

The first date is May 26, which is the deadline for taxpayers to file their tax returns. The IRS has been taking a closer look at cryptocurrencies, and the deadline may prompt them to sell some of their Bitcoins.
The second date is August 7, which is the deadline for the US government to raise the debt ceiling. If the US fails to raise the debt ceiling, it may be forced to sell its Bitcoins to finance its operations.
The third date is October 19, which is the deadline for the US government to pass the budget. If the budget is not passed, the US government may be forced to sell its Bitcoins to finance its operations.
The fourth and final date is December 30, which is the day when the current Congress session ends. If the Congress fails to pass legislation related to the cryptocurrency market, the US government may be forced to sell its Bitcoins to finance its operations.

Conclusion

Bitcoin held by the US government may cause additional selling pressure, which may impact the price of Bitcoin. CrvptoQuant has identified four key dates on which the US government may sell its Bitcoins. Investors and traders should keep an eye on these dates to minimize the negative impact on their portfolios.

FAQs

1. Why is the US government holding Bitcoin?

The US government is holding Bitcoin that has been seized in various investigations, such as the Silk Road case. The government is also exploring the use of cryptocurrencies for illegal activities.

2. How can investors protect themselves from the possible selling pressure?

Investors can protect themselves by diversifying their portfolios and tracking the four key dates identified by CrvptoQuant.

3. How will the selling pressure impact the broader cryptocurrency market?

The selling pressure may impact the price of Bitcoin, but it’s unclear how it will impact the broader cryptocurrency market. Other factors, such as regulatory developments, may also play a role.

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