Blockchain analysis firm Arkham reported on July 30, 2024, that approximately $2 billion worth of Bitcoin (BTC) was transferred from a cryptocurrency address believed to belong to the US government to a newly created address.
Arkham suggests that some of the transferred Bitcoin may have been deposited with asset management services or custodians catering to institutional investors.
Additionally, the $2 billion worth of Bitcoin was split into two separate addresses as follows:
- 10,000 BTC
- 19,800 BTC
This Bitcoin transfer occurred just two days after former US President Donald Trump stated at the Bitcoin Conference on July 27, 2024, that the US Department of Justice plans to allocate the Bitcoin it holds as part of the national strategic reserves rather than selling it. This announcement drew significant attention within the cryptocurrency community.
At the same Bitcoin Conference, Robert F. Kennedy Jr., an independent candidate for the US presidential election, declared that if elected as president, he would sign an executive order to purchase 550 BTC daily and accumulate a reserve of 400 BTC.
Both Trump and Kennedy Jr. have expressed their intent to retain the Bitcoin held by the US government if they win the presidential election. This has sparked interest in how the current administration will handle the Bitcoin under its control moving forward.
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U.S. Government Urged to Purchase 1 Million BTC | Senator Lummis Introduces Bitcoin Reserve Bill
Senator Cynthia Lummis introduces a bill advocating for a strategic Bitcoin reserve in the U.S., aiming to purchase 1 million BTC to help reduce national debt. Learn more about this groundbreaking proposal.
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