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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 .

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