Former President Donald Trump Says His Administration Will Keep "100% of All the Bitcoin the US Government Currently Holds or Acquires into the Future"

A popular on-chain analyst thinks the US government will eventually return nearly 100,000 seized Bitcoin (BTC) to their rightful owners.

A popular on-chain analyst believes that the US government will eventually return nearly 100,000 units of seized Bitcoin (BTC) to their rightful owners.

Late last month, former President Donald Trump stated at the Bitcoin2024 Conference that his administration will retain “100% of all the Bitcoin the US government currently holds or acquires into the future.”

However, analyst Willy Woo tells his 1.1 million followers on the social media platform X that Trump's plan is unrealistic because about half of the US government's Bitcoin stash belongs to the crypto exchange Bitfinex.

“I keep hearing about 200,000 BTC owned by the US Government. 96,000 BTC is from the Bitfinex hack. After due process, I would expect those stolen funds to be returned to Bitfinex.”

In February 2022, the US Department of Justice announced that it had seized and recovered over 94,000 Bitcoin stolen during the 2016 Bitfinex hack.

According to Woo, he anticipates Bitfinex and its sister company Tether seeking the assistance of the justice system to recover the massive Bitcoin stash.

“Bitfinex/Tether certainly has the budget to mount legal action to facilitate the return of the BTC given the billions they make per quarter.

Those BTC are theirs and not their users as users were made whole a long time ago.

They already have a history of building a large BTC treasury.

Tether’s latest product is an over-collateralized stablecoin with gold. Given their BTC accumulation strategy, I could see BTC added to this product in the future when BTC volatility lowers and their BTC treasury is sufficiently large.”

If Bitfinex pursues legal action to recover its Bitcoin holdings, Woo believes the company will do so discreetly.

“It’s in their culture to be low-key and out of the limelight. If legal action is being taken, then absolutely they would not comment publicly.”

At press time, the US government holds 213,246 BTC, valued at $12,113 billion. Meanwhile, stablecoin issuer Tether has 75,354 BTC in its treasury, which is worth $4.28 billion.

The above is the detailed content of Former President Donald Trump Says His Administration Will Keep "100% of All the Bitcoin the US Government Currently Holds or Acquires into the Future". For more information, please follow other related articles on the PHP Chinese website!