- Bitcoin records a new yearly high, stoking optimism.
- Edward Snowden predicts government disclosure of secret BTC holdings.
- Speculation mounts on which country is stacking BTC on the quiet.
Bitcoin powered to fresh highs this week, recording a new yearly high of $64,200 on Wednesday. Market optimism has soared alongside price, with the Fear and Greed Index hitting 82 for the first time since the prior market top.
Amidst the renewed euphoria, former NSA subcontractor turned whistleblower Edward Snowden shared a thought-provoking prediction on X. Snowden foresees a scenario where a government reveals disclosing secret Bitcoin buys, triggering speculation about the identity of the country involved.
The Bitcoin Community Speculates
Speculation is mounting in response to Edward Snowden’s bombshell prediction that a national government may soon disclose secret Bitcoin buys. The former NSA subcontractor implied that the motivation for doing this lies in shoring up treasury reserves using an alternative asset.
Snowden provided no additional hints, fueling speculation about potential candidates. Russia emerges as a notable contender, especially considering Snowden’s current residence there after fleeing the US. The idea of Russia engaging in covert Bitcoin purchases aligns with its international isolation following the Ukrainian war, marked by its exclusion from the SWIFT banking system.
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Saudi Arabia and Qatar are additional contenders, fueled by recent rumors suggesting both countries were gearing up for substantial Bitcoin purchases. Iran also enters the realm of possibilities, given that Iranian lawmakers acknowledge the potential of cryptocurrency as both a revenue source and a “sanctions-busting apparatus” to navigate restrictions on global economic access.
Amidst the swirling rumors about countries with undisclosed Bitcoin holdings, it’s worth noting that the US government possesses significant amounts of BTC obtained through criminal confiscations.
The US Government Is a BTC Super Whale
The US government is said to have acquired more than 200,000 Bitcoin through criminal confiscations over the years. Its precise holdings are unknown, particularly as periodic sales muddy the waters. However, the US government is estimated to hold 69,640 BTC, making it a super whale (more than 5,000 BTC).
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The US maintains a discreet position on its Bitcoin holdings, refraining from public disclosures. This is compounded by high-profile criminal cases often executed under sealed warrants and orchestrated by multiple federal agencies, making an accurate tally of holdings difficult to determine.
On the Flipside
- A major country disclosing Bitcoin holdings would further legitimize digital assets in no-coiners’ eyes.
- In a recent tweet, Snowden stated that BTC is “the most significant monetary advance since the creation of coinage.”
Why This Matters
Whether Snowden’s prediction materializes or not, Bitcoin’s disruptive potential is increasingly acknowledged. This recognition has gained momentum, particularly as Bitcoin approaches its previous all-time high. Yet, if a major nation-state were to reveal secret BTC holdings, arguments around the legitimacy of fiat currencies would further weaken.
Read about Snowden’s support for the Tornado Cash developers ahead of their trial here:
Tornado Cash Trial Fundraiser Bags $350k and Snowden Support
Bukele responds to critics of El Salvador’s Bitcoin bet; read more here:
