Amid talks of establishing a reserve for the crypto, the US government has moved $1.92 billion worth of Bitcoin. Indeed, Arkham Intelligence data reports that the digital asset had been moved to a new address. Specifically, the funds have been split into two wallets, containing $969 million and $949 million in BTC, respectively.
The data shows that the government still holds more than $18 billion worth of Bitcoin. Moreover, the movement was reported as President-elect Donald Trump is expected to make headway on a Bitcoin reserve bill early on in his second term as the country’s commander-in-chief.
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US Government Moves $1.92B in Bitcoin to a New Address
November 2024 has proven to be a game changing month for Bitcoin. The leading cryptocurrency had performed well throughout the year but has certainly gone into overdrive following Donald Trump’s impending return to the White House.
The token has increased more than 38% over the last 30 days, according to CoinMarketCap. Additionally, it has faced a slight 1% correction over the last day that has it trading at $96,207, down from the $99,000 all-time high mark it reached late last month.
Source: CryptoBriefing
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With discussions regarding a US Bitcoin reserve bill, the government officially moved $1.92 billion worth of the asset on Monday. Although details are sparse, Arkham Intelligence notes that the funds had been moved to two wallets.
The decision is in stark contrast to Trump’s perspective. During his campaign for reelection, he promised to not sell any of the country’s Bitcoin holdings. US Senator Cynthia Lummis introduced the BITCOIN Act to establish a reserve this year. The country is not alone in that desire. Poland has seen a presidential candidate promise to create a similar reserve, with Brazil’s Congress also looking to establish its own sovereign BTC reserve.
