Kingdom

United

Bitcoin

Silk Road

Arkham

Recent data from <a href="https://platform.arkhamintelligence.com/dashboards/view?dashboardID=47d779bb-3c6f-4dd3-8f8e-1f6602e2f631" rel="noopener noreferrer nofollow">blockchain analytical firm Arkham</a> shows several governments are holding Bitcoin (BTC) worth $17.8 billion in private wallets. At Bitcoin’s current market price of $55,447, this translates to over 321,027 BTC.
<h2 id="b-bitcoin-seizures-by-various-governments-b">Bitcoin Seizures by Various Governments</h2>
The $17.8 billion worth of BTC accounts for those seized from criminal activities in the United Kingdom, United States, and Germany. The US government held the largest share of Bitcoin, with approximately $12 billion worth of Bitcoin under its control. This BTC holding is notable as it more than doubles the $5 billion figure recorded in October 2023.
Notably, a large portion of the Bitcoin held by the US government is reported to be from those seized from the <a href="https://thecoinrise.com/silk-road-btc-heist-perpetrator-pleads-guilty-and-gets-convicted/" rel="noopener noreferrer nofollow">Silk Road marketplace in 2012</a>. The stolen Bitcoin was around $3.36 billion, at the time of the seizure. Subsequent operations from the government targeted darknet markets and <a href="https://thecoinrise.com/us-court-strikes-out-lawsuit-against-tether-and-bitfinex/" rel="noopener noreferrer nofollow">Bitfinex cyber attacks, resulting in the authorities securing</a> an impressive amount of Bitcoin.
In the past, the US government sold seized BTC through auctions overseen by U.S. Marshals Service. However,&nbsp; current reports point to a move toward more market-based strategies, such as over-the-counter (OTC) sales. Meanwhile, the government was reported to have transferred <a href="https://thecoinrise.com/us-government-transfers-922m-in-seized-bitcoin-as-price-soars/" rel="noopener noreferrer nofollow">$922 million worth of BTC from its stash</a>. This was done on the following increases in the price of the leading digital asset.
<h2 id="b-united-kingdom-holds-3-3b-btc-b">United Kingdom Holds $3.3B BTC</h2>
According to the report from Arkham, the United Kingdom follows behind the US with Bitcoin holdings of about $3.3 billion. Similar to the US, a large portion of this holding can be attributed to various law enforcement operations.
In 2021, the Metropolitan Police reported seizing cryptocurrency valued at £180 million (around $250 million) as part of a money laundering investigation. In March 2023, the UK government <a href="https://thecoinrise.com/uk-court-convicts-hospitality-worker-in-2-5b-bitcoin-money-laundering-case/" rel="noopener noreferrer nofollow">recorded the largest BTC seizure of $2.5 billion</a>, confiscated from a hospitality worker, Jian Wen.
<h2 id="b-germany-s-btc-holding-climbs-to-2-2b-b">Germany’s BTC Holding Climbs to $2.2B</h2>
Germany has also joined countries holding BTC, with approximately $2.2 billion worth of BTC held in its custody. In February, German authorities announced plans to sell seized Bitcoin and other cryptocurrency worth €1 billion ($1.08 billion). Subsequently, in July, the government <a href="https://thecoinrise.com/german-government-moves-another-bitcoin-to-top-exchanges/" rel="noopener noreferrer nofollow">transferred approximately $17.6 million worth of BTC</a> to top crypto exchanges including Coinbase, Bitstamp, and Kraken.
It is worth mentioning that this decision was a dramatic departure from their prior strategy of clinging to digital assets that had been seized.
The post <a href="https://thecoinrise.com/bitcoin-held-in-government-wallets-climbs-to-17-8b/" rel="noopener noreferrer nofollow">Bitcoin Held in Government Wallets Climbs to $17.8B</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin Held in Government Wallets Climbs to $17.8B

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TheCoinrise Media

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