In less than a year, the crypto ETFs have attracted a significant amount of flows, becoming the biggest owner of Bitcoin on the world. What’s interesting, is that the U.S. government is the fifth largest holder of Bitcoin, despite the fact there is no strategy to hold crypto. The reason appears to be, those holdings are the result of enforcement actions, where the government has seized Bitcoin from money launderers, hackers, etc. The big irony here is that Bitcoin is supposed to be decentralized and unseizable, and yet, because most investors use centralized and regulated wrappers such as wallets, ETFs or stocks, those assets can be seized by any government. In theory, seized assets should be auctioned and sold, and are temporarily held in custody until that happens. Can the new President elect and his pro crypto cabinet build a strategy on those seized assets? What does that mean for the U.S. dollar reserve currency status?
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