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200K – Is it a lot or a little?
If we go formally and count bitcoins confiscated by the US authorities from various entities, we will find about 200K.
Today it is about $6 bln. Is it a lot or a little? For me personally - it’s a lot, for the American government - it’s miserable little, although money is never superfluous.
The Americans confiscated these 200,000 bitcoins from the former owner of the Silk Road trading platform in the darknet, from a hacker who had in turn stolen bitcoins from Silk Road, and from a couple in New York who had acquired them after breaking into the Bitfinex crypto exchange. There were also smaller confiscations, but they have little impact on the overall result.
If Americans decide to get rid of their cryptocurrency assets, a one-time release of such a number of coins could trigger a serious price collapse - 6 billion dollars for the crypto market is a very serious amount.
However, we are now focusing exclusively on information on officially confiscated assets.
The term "United States Government" should be clarified and supplemented. There is reason to believe that the US directly or indirectly controls significantly more bitcoins, and it is almost impossible to determine the exact amount. This is one of the reasons why the head of the US SEC confidently agrees to consider Bitcoin a cryptocurrency rather than a security.
According to one of the conspiracy theories (I personally do not believe), even the legendary Satoshi Nakamoto had a relationship with the US government. And he can have up to 1 100,000 bitcoins in his wallet. Sums of this order can quickly "reset" the market.
Indeed, the number of "sleeping" bitcoins exceeds the ability of buyers. Price correction is almost inevitable.
On the positive side, Americans are interested in Bitcoin price growth. I am, too. So our common interests coincide.
The Americans confiscated these 200,000 bitcoins from the former owner of the Silk Road trading platform in the darknet, from a hacker who had in turn stolen bitcoins from Silk Road, and from a couple in New York who had acquired them after breaking into the Bitfinex crypto exchange. There were also smaller confiscations, but they have little impact on the overall result.
If Americans decide to get rid of their cryptocurrency assets, a one-time release of such a number of coins could trigger a serious price collapse - 6 billion dollars for the crypto market is a very serious amount.
However, we are now focusing exclusively on information on officially confiscated assets.
The term "United States Government" should be clarified and supplemented. There is reason to believe that the US directly or indirectly controls significantly more bitcoins, and it is almost impossible to determine the exact amount. This is one of the reasons why the head of the US SEC confidently agrees to consider Bitcoin a cryptocurrency rather than a security.
According to one of the conspiracy theories (I personally do not believe), even the legendary Satoshi Nakamoto had a relationship with the US government. And he can have up to 1 100,000 bitcoins in his wallet. Sums of this order can quickly "reset" the market.
Indeed, the number of "sleeping" bitcoins exceeds the ability of buyers. Price correction is almost inevitable.
On the positive side, Americans are interested in Bitcoin price growth. I am, too. So our common interests coincide.
Yours sincerely,
Lado Okhotnikov
Lado Okhotnikov