Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11910
Markets: 92185
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11910
Cryptocurrencies
53.80%
Bitcoin Share
The Coin Rise 2024-12-03 11:24:24

US Government $1.9 Billion Bitcoin Transfer to Coinbase Sparks Controversy

US Government $1.9 Billion Bitcoin Transfer to Coinbase Sparks Controversy

The United States government’s recent decision to transfer nearly 19,800 Bitcoin—worth about $1.9 billion—to Coinbase has ignited a firestorm of criticism across the cryptocurrency community. On December 2, the transfer raised eyebrows, prompting executives, analysts, and crypto advocates to call it a strategic misstep. United States Space Force engineer Jason Lowery was quick to voice his concerns on social media, declaring that the government’s actions reflect a lack of understanding of the true value of Bitcoin. “There is no price where it makes sense for the US to sell any Bitcoin it has under its control,” Lowery remarked, highlighting the broader implications of such a decision. He pointed to the infamous Executive Order 6102, signed in 1933, which banned the hoarding of gold in the U.S., suggesting that the government’s lack of foresight in managing Bitcoin might lead to similar regrets in the future. Potential Impact on BTC Market The timing of the transfer saw Bitcoin’s price dip nearly 3%, plummeting to around $94,500 before rebounding to $96,000 at the time of writing. Many analysts argue that the sale or transfer of such a substantial amount of Bitcoin could have a lasting impact on its market dynamics. Coinbase CEO Brian Armstrong weighed in on the controversy, echoing Lowery’s sentiments, stating that the government should not consider selling its Bitcoin. Crypto educator Toby Cunningham added to the conversation, warning that if the government were to sell its Bitcoin, the market would likely absorb the supply rapidly, causing price volatility. While the public response has been overwhelmingly negative, some experts are not entirely convinced that the US is selling its holdings. Tether strategy advisor Gabor Gurbacs suggested that the transfer could be part of the government’s ongoing efforts to consolidate Bitcoin wallets or update old addresses. Crypto analytics platform Spot On Chain also raised the possibility that the transfers were merely custody actions rather than outright sales. What’s Next for the US Bitcoin Holdings? So far, the US government has moved a total of 25,999 Bitcoin, valued at approximately $2.49 billion, to Coinbase this year. Yet, the nature of these transfers remains somewhat unclear, with many speculating that only a portion of these Bitcoins were sold. Julio Moreno, Head of Research at CryptoQuant, suggested that it is highly likely that only around 10,000 Bitcoin were actually sold, with the remaining 9,800 moved to a newly created address. According to Spot On Chain, the US government still holds around 183,850 BTC, worth roughly $17.7 billion, across various known addresses. This latest development has left many crypto enthusiasts questioning the US government’s long-term strategy with Bitcoin . Whether the recent transfer is a sign of a larger policy shift or simply a routine move remains to be seen. The post US Government $1.9 Billion Bitcoin Transfer to Coinbase Sparks Controversy appeared first on TheCoinrise.com .

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
53.80%
Bitcoin Share
554
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.