Trump, Lummis and RFK Jr Propose Government Bitcoin Stockpiles
- WBOYOriginal
- 2024-08-06 15:15:201096browse
Never sell your bitcoin," Donald Trump told a cheering crowd at a crypto convention in Nashville, Tennessee in late July.
Republican presidential candidate Donald Trump has pledged to keep 100% of all bitcoin (CRYPTO:BTC) the U.S. government currently holds or acquires in the future if elected.
The Trump campaign has also promised to establish a state bitcoin reserve, with a goal of acquiring up to 20% of the total bitcoin supply.
Currently, the U.S. government holds around 203,239 bitcoin, which is about 1% of the total global supply, according to data firm Arkham Intelligence.
The vast majority of the government's bitcoin holdings came from criminal seizures, including those from the now-defunct online marketplace Silk Road.
At current prices, the U.S. government's bitcoin holdings are worth around $11.1 billion.
To put that in perspective, MicroStrategy (NASDAQ:MSTR) is the largest non-state holder of bitcoin, with 226,500 BTC, according to its second-quarter results.
BlackRock's (NYSE:BLK) iShares Bitcoin Trust and Grayscale Bitcoin Trust hold 344,070 and 240,140 bitcoin, respectively, according to data site BitcoinTreasuries.
A government bitcoin stockpile could help to support the price of bitcoin, according to Mark Connors, head of global macro at Onramp Bitcoin.
"It would have a positive impact on price. It would have to because we've never had such a limited supply commodity, albeit digital, assume a new state of a reserve asset," Connors said.
However, such a reserve would also mean that there are fewer tokens available for crypto investors to trade, which could leave them vulnerable if the government ever decides to sell a portion of its reserves.
"RFK talked about having 19% of bitcoin, the same amount of the gold supply - I can't imagine a single bitcoiner would be happy about that," Connors added.
In addition to the United States, several other governments also hold significant amounts of bitcoin, according to BitcoinTreasuries.
China is the second largest government holder, with 190,000 coins, followed by Belarus (150,000 coins), Ukraine (130,500 coins), and Kazakhstan (120,000 coins).
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