Just days after The US Treasury secretary Scott Bessent announced that the country which is actually setting up a bitcoin strategic reserve is not looking to buy bitcoin. With the intent of actually keeping the 200k bitcoin which is heavily reported to seized bitcoins in their possession as reserve.
Just after that a blockchain analytics platform Arkham reported that $300k value of coins have been moved to the government account from coinbase and it was reported to be siezed from an Hacker
Even though this is not bitcoin but is this the new method of which US are trying build their own reserve by holding siezed assets
My question is; is this actually right? I think this assets are supposed to auction or sold off?
Does Not buying bitcoin actually signifies that they don’t believe in bitcoin at all and are only fulfilling campaign promises.
Right or not right thing to do, I don't know as it depends on many details.
If it is bitcoins seized from criminals and there is no victims that can claim their stolen bitcoins back, I think government can do it rightly. Oppositely if there are victims of those criminals, and they are waiting for final judgement from law suits in order to have rights to claim their bitcoins back, government will do unright action to use those bitcoins as the USA national Bitcoin strategic reserve.
Righ or not right action, Bitcoin is beneficial from this impactful strategic reserve as it reduces available bitcoin in free float on the market and reduce selling pressure too.