Happy Friday to all the Muslims out there!
I don’t know what it is about Fridays that I crave for Kheer back home.
But now that I am here, I am scooping ice creams
Apart from Ice-cream, I have scooped out 2 news for you:
US Government holds 1% of the ENTIRE Bitcoin supply
From The Meme Coin Madness to Dumper of Shit Coins
Let’s start with this pretty ironic news that gave a good laugh heading towards Masjid.
Because I don’t think you’re up to date with the U.S. government and their involvement in the crypto world.
US Government holds 1% of the ENTIRE Bitcoin supply
So, here’s how the story goes:
US Government discovers that a notorious hacker, James Zhong, is in possession of Bitcoin, which he (duh) acquired through illegal means.
US Government breaks into James House and seizes the 50,000 BTC!
From the 50,000 BTC, 9,861 BTC was transferred from self-custody wallet to Coinbase.
And you know what that platform means, right?
Coinbase, a popular platform for buying and selling cryptocurrencies.
And here comes the laughing fit…
Michael Case - responsible for handling the seized Bitcoin says that Government holds the virtual currency in wallets until they sell it.
When do they sell it? It can be liquidated when the market conditions are favorable.
I mean it’s cute, right?
Here’s the picture that paints in my head:
LIVE FOOTAGE OF THE FEDS TRYING TO DO CRYPTO...
Cruelty aside, let’s talk numbers.
The Bitcoin market is huge, with over $30B trading every day and a total market cap of over $425B.
Selling 50,000 BTC is atay main namak k barabar!
On a side note, Did you know that the U.S. government is a crypto whale?
They're one of the largest Bitcoin holders in the world, with over 214,000 BTC in their pockets (that we know of).
That's right, Uncle Sam is dabbling in the digital world.
But wait, there's more!
Other countries that you wouldn't expect are also crypto-rich:
Ukraine owns a whopping 45,351 BTC.
China is sitting on 194,000 BTC.
El Salvador has a respectable 9,500 BTC.
Finland might not have a lot, but their 1,981 BTC is nothing to sneeze at.
And last but not least, Bulgaria used to own 200,000 BTC... until they decided to use it to buy some F-16 fighter jets.
That's right, Bulgaria used their crypto to purchase some serious military hardware.
All jokes aside, it's fascinating to see the government's involvement in the crypto world.
With more and more countries and institutions adopting Bitcoin, it's clear that the future of money is digital.
The Meme Coin Madness
Let's talk about Vitalik Buterin,
the man, the myth, the legend.
You might know him as the creator of Ethereum,
A blockchain-conquering badass,
And now,
He's got a new title to add to his resume:
Dumper of Shitcoins.
That's right,
Vitalik recently sold around $700k worth of meme coins.
But here's the catch - he didn't even buy them in the first place.
Nope, these tokens were sent to him for free, as a common tactic to create hype around a token.
But Vitalik's not here for the hype.
He's all about sending a message - stop using his name to pump projects.
So he's swapping those shitcoins for something he knows well - ETH.
And boy, did he cause a stir.
He sold so many MOPS tokens that it caused the token's price to drop like a rock.
And it's not just Vitalik who's been getting these free tokens. Other famous names in the crypto world have received them too. But don't be fooled - just because a famous person holds a token, doesn't mean it's worth anything.
Shiba Inu did this to Vitalik too.
They sent him around 50% of their entire token supply, which caused the meme coin to go viral.
He ended up donating $1.2B of SHIB to a COVID relief fund and burning the rest.
Fun Fact: his SHIB holdings would've been worth around $30B at their peak.
Moral of the story: Don’t buy a coin just because you see a famous person holding it!
If you’re interested in knowing the details - Go check out this tweet:
So, the moral of the story is basically what my disclaimer in every email tells you!
With a lesson at hand,
Hafsa and Zain from Team Inspired Analyst - signing off!
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.