The internet was buzzing with rumors that the US government had sold off a huge chunk of its Bitcoin stash. But don’t worry, those rumors were just that – rumors.
The US Government Didn’t Sell Its Bitcoin
Turns out, the US government just moved its Bitcoin around. They split their $2 billion worth of Bitcoin into two different wallets. One wallet got $1.33 billion, and the other got $669.35 million.
Moving coins doesn’t mean selling them. The government might have done this for security reasons or to invest in different ways. Plus, if they were selling, they’d likely transfer the Bitcoin to a centralized exchange, like Coinbase, where they could easily sell it. That didn’t happen this time.
Why Is Bitcoin Dropping?
The recent drop in Bitcoin’s price isn’t because of the US government selling its Bitcoin. There are a few other reasons for the dip:
- Middle East Tensions: The situation in the Middle East is causing some uncertainty in the market.
- Genesis Sell-Off: Genesis, a crypto company, is repaying its creditors by selling off some of its Bitcoin and Ethereum. This could lead to a lot of Bitcoin being sold at once.
- Macroeconomic Factors: The US economy isn’t doing as well as expected, which is also impacting Bitcoin’s price.
So, the US government isn’t selling its Bitcoin, and the recent drop in price is likely due to other factors.
