The US government loses $ 1.7 billion for selling Bitcoin early!
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Answer The US government loses $ 1.7 billion for selling Bitcoin early!
It is possible that the US government lost about 1.7 billion dollars by auctioning the bitcoins that were seized from different parties and put them up for sale earlier.
Using past market prices, crypto enthusiast Jameson Loeb estimated how much money those sales have made since 2014.
US authorities confiscated 185,230 Bitcoin units through criminal investigations between 2014 to date, including an auction of 4,000 Bitcoin units throughout the month of February.
Assuming that the US government held Bitcoin and did not sell it for the past six years and sold it when the Bitcoin reached $10,000, they would have received an additional $1.85 billion.
Hard Fork has re-managed “loop” numbers to measure the approximate price of each bitcoin sold by the US government.
Read:80% of Ethereum (ETH) coins are ready for “stacking”
Turns out, they likely sold bitcoins for just $818 each.
So the bitcoins sold by the US Marshal earned about $151 million from them, according to Jameson Loeb.
If this is the case, it already means that the US government has wasted itself about $1.7 billion by not holding bitcoin.
UK and Bitcoin Auctions:
UK police are also working on criminally seized bitcoin auctions, conducting first bitcoin auctions late last year.
In September, 1 Bitcoin was sold to generate $369,000, on average, 1 Bitcoin was sold for $8,365.
At the time, Bitcoin was trading on cryptocurrency exchanges for more than $8000, which means that the UK has finalized these auctions well above market prices.
However, the Bulgarian government seems to be doing it better than both the US and the UK
There were rumors that the Bulgarian government was holding more than 200,000 bitcoins seized from criminals.
indicated Reports Local media reported that the entire amount of cryptocurrency owned by the Bulgarian government was actually sold to several sovereign wealth funds and Asian investors at around $16,000 per bitcoin.
Read:Coinciding with the bitcoin price crash…Binance’s bitcoin balance reaches 101,266 BTC
Which is a lot more than $818.
Read also:
The US government will put more than 4,000 Bitcoins up for auction in a few days… Find out the details
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