Key dealers
- The US government concludes a comprehensive review of its Bitcoin holdings on Saturday.
- This audit will be the first complete reporting of government -held Bitcoin between federal agencies.
The US Department of the Treasury and other federal authorities is expected to reveal its holding of Bitcoin and other crypto assets on April 5, in line with President Trump’s latest directive.
Whether Ether, XRP, Solana and Cardano – the digital assets that the president mentioned earlier – will be included in the National Digital Asset Stockpile will also be clarified soon.
On March 6th Trump issued an executive order form a strategic bitcoin reserve and a digital asset storage.
According to a presidential document Published On March 11, all federal authorities must report their holdings of bitcoin and other digital assets to the Ministry of Finance within 30 days of order.
Treasury Secretary is also focused on establishing two offices to manage state digital assets. The strategic Bitcoin reserve will hold Bitcoin acquired through criminal or civil loss and will not sell Bitcoin and place it as a “digital Fort Knox” for long-term value storage.
David Bailey, CEO of BTC Inc, suggested that the audit results could highlight Bitcoin’s latest price movements.
Despite the announcement of a strategic Bitcoin reserve, Bitcoin voltage remained high and its price continued to decrease, mainly driven by the trade war and recession problems. Since the establishment of the reserve, Bitcoin’s price has dropped about 10%and dropped from over $ 92,000 to $ 82,000.
“Depending on what we learn, you can answer many of the open questions about the latest price action,” mentioned Bailey.
According to data Traced by Arkham Intelligence, the US government currently has 198 012 BTC worth approximately $ 16 billion.
David Sacks, White House Crypto Czar, said that the government previously contained about 400,000 bitcoin through civil and criminal assets over the past decade.
However, about half of this amount – 195,000 BTC – was sold and generated $ 366 million in revenue. If the government had retained all 400,000 BTC, its value today would exceed $ 17 billion.