The U.S. Treasury Department and other federal agencies are set to disclose their holdings of Bitcoin and other cryptocurrencies on April 5, following President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile.
US Government to Complete Bitcoin Audit on April 5, Crypto Stockpiling Details Awaited
The audit will clarify whether the assets XRP, Solana (SOL), and Cardano (ADA) previously mentioned by Trump are included in the government’s crypto assets.
On March 6, Trump issued an executive order requiring all federal agencies to report Bitcoin and crypto assets to the Treasury Secretary within 30 days.
A March 11 document also stated that the Strategic Bitcoin Reserve would store Bitcoin obtained through legal or criminal seizures and would not be sold, positioning it as a “digital Fort Knox” for long-term value storage.
Additionally, the Treasury is expected to establish two offices to manage the government’s crypto assets, as outlined in the order.
Bitcoin Price Fluctuates Amid Reserve Speculations
The impending disclosure has sparked speculation about Bitcoin’s recent price action, with BTC Inc CEO David Bailey suggesting the audit results could explain Bitcoin’s recent 10% price drop that saw the asset fall from $92,000 to $82,000 amid the ongoing trade war and recession concerns.
“Depending on what we learn, this could answer many of the open questions about the recent price action,” Bailey said.
According to Arkham Intelligence data, the US government currently holds 198,012 BTC worth around $16 billion. White House crypto chief David Sacks revealed that the government has held up to 400,000 BTC from civil and criminal seizures over the past decade.
However, only 195,000 BTC were sold, generating $366 million. If the entire amount had been retained, its current value would exceed $17 billion.
As the audit nears completion, investors and analysts are waiting for more details on the government’s crypto hoarding strategy and its potential market impacts.
*This is not investment advice.
Continue Reading: US Treasury Department and Other Federal Agencies Reveal the Amount of Crypto Assets They Hold! Here is the Critical Date
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