The US Sells $277 Million in Bitcoin, Causing Prices to Plunge
The US government just sold 9,800 Bitcoin worth $277 million, causing the price of Bitcoin to plunge 5% in an hour. This is the latest in a series of attacks on crypto by the US government.
If the US government decides to continue attacking Bitcoin, it could have a significant impact on the future price of this digital asset.
The US government’s decision to sell off such a large amount of Bitcoin has sent shockwaves through the crypto community. It’s important to note that they still own over 200,000 BTC, and if they were to sell off that amount, the price of Bitcoin could drop below $10K in a heartbeat.
In recent months, the US government has:
- Issued a warning to financial institutions about the risks of crypto
- Proposed new regulations that would make it more difficult for people to buy and sell crypto
- Sued crypto exchanges and companies
Is the US Government Afraid of Crypto?
They should be. Having third parties issuing currency makes it a threat to the US government’s monopoly on money.
The US Government just sold 9.8k of #Bitcoin worth $277 million, causing the prices to plunge.
— WhaleWire (@WhaleWire) May 10, 2023
The US government also fears that crypto could be used to evade taxes and regulations.
The government is trying to “protect its monopoly on money.” Without a doubt, crypto, in some form, is the future of money, and the government’s efforts to regulate it will be unsuccessful.