There are many institutions and high number of individuals who own a great number of BTC investments. However, it is surprising that the US government owns the biggest share by accumulating a substantial BTC value of almost 200,000 BTC.
On Monday, there was a false report announcing that the US had approved a crypto-based Exchange Traded Fund (ETF) which saw a drastic rise in Bitcoin's price as high as $29,976.
The report was posted on the X platform by Cointelegraph, but has now been deleted. The source stated that the US Securities and Exchange Commission had approved the ETF's application by BlackRock to invest in Bitcoin directly.
An apology has since been issued by Cointelegraph about the misleading tweet and a representative from Blackrock gave a statement to MarketWatch that the ETF's approval is still under review and has not been approved.
The US Govt is the largest holder of BTC investments with an approximate 194,188 BTC valued at $5.3 billion. According to an analysis by 21.co., the government sold a portion of their BTC holdings this year, which is estimated to be worth millions of dollars.
This accumulation of BTC holdings by the US Govt is linked to the seizures of the big holders of crypto, which, after a court's injunction of final forfeiture, became the property of the government.
In 2022, there were two major seizures: the seizure in March 2022 from James Zhong, who owned an approximate value of 51,326 BTC, the seizure in January 2022 of 94,643 from Bitfinex Hack and the Silk Road seizure in November 2020, with BTC valued at 69,369.
The US Govt BTC is securely stored and encrypted in hardware wallets and guarded by the Justice Department and the Internal Revenue Service.
The increased accumulation of BTC by the US Govt and its impact have continued to remain an important question among investors in the crypto market.
The US plays an important role in establishing the regulatory development of digital assets.
For instance, the Securities and Exchange Commission (SEC) influences how digital assets are utilized under security laws.
The overall performance of Bitcoin in the US creates a positive impact on the overall market by influencing the sentiments of investors, following regulatory trends, and, above all, directing the focus of the crypto industry as a market leader.
The US government's continuous involvement in the digital asset market and its regulatory decisions creates a substantial impact on the overall market.
Also, the false report on the ETF approval outlines the intricacies of crypto in the financial market. As crypto continues to shape the world and the US continually plays a pivotal role, there will be a rise in investors and global sentiment.
The crypto world is interested in and watching closely how these developments will unravel in the future as the relationship between governments and decentralized currencies continues to change and embrace the importance of each other in economic growth.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.