As of March 12, the US government controlled 195,234 bitcoins, worth more than $16 billion, according to a new Nansen report.
The government’s Crypto portfolio also includes $4.6 million worth of silly assets such as Ethereum (ETH), USDC and AUSDC_V2.
The newly proposed bill introduced by Rep. Nick Begich could dramatically increase government holdings. House’s Strategic Bitcoin Bill aims to acquire 1 million BTC, meaning roughly 5% of the total Bitcoin supply over the next five years. If passed, the dollar value for a purchase at today’s market price would be just $110 billion.
read more: US lawmakers to introduce bills that will ensure that strategic Bitcoin reserves cannot be revoked
Impact on the market
If the bill is passed, the US government’s Bitcoin holdings would exceed the estimated 1.1 million BTC due to the mystical creator of Bitcoin. This could have a significant impact on market liquidity and price stability, increasing the value of Bitcoin and restructuring the dynamics of the market.
However, this level of ownership raises concerns about the centralization of traditionally decentralized assets. A massive acquisition could make the government a price setter for the Bitcoin market.
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