r/CryptoCurrency • u/partymsl Platinum | QC: CC 702 | r/WSB 16 • Apr 01 '23
The US government selling their BTC is the most bullish thing to happen so far this year. ANALYSIS
We have all seen the big news yesterday of the Us government announcing their decision to sell 41.4k BTC (worth $1.1B currently), over the whole year in four batches. The first one already happening in early March at a price of $24k (which was ironically a local bottom and Bitcoin happened to pump just afterwards). Many may think that anything with “selling“ would automatically be bearish but this is not the case here, rather the exact opposite.
Firstly, by doing this selling the government will only decrease their stack they could use to potentially manipulate the markets.
Also the number of 41.5k and sell orders of about 10k BTC each time may seem like a lot but it is essentially not much in front of the daily trading volume of Bitcoin on all exchanges.
That trading volume stands at about 37k BTC daily right now, meaning that on the day of the US gov selling it would make up 25% of the daily volume, in the best case. As the daily trading volume has been seen at the heights of nearly 50k BTC too in the past months, it could even make up less and have less of an impact.
Here we can see the exact day the US had sold their over 9k BTC at once, BTC actually still closed the day in green and probably just had a minor correction during the day.
This really is one of the most bullish things to happen this year as it will take off selling pressure from Bitcoin and the resulting mini-dip will be eaten up in under one day. It is a win for Bitcoin and loss for the US government.
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u/Minegrow Permabanned Apr 01 '23
Lmao, up next “An asteroid will collide with the earth, wiping all life from the face of the planet. Learn why it is the most bullish thing to happen to bitcoin so far”
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u/Blooberino Platinum | QC: CC 1344 Apr 01 '23
If an asteroid was coming for earth I would buy bitcoin with every cent I have just in case you take your crypto with you in the afterlife.
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Apr 01 '23
They say “you’ve never seen a u-haul hooked up to a hearse” but I do think a seed phrase would be a bit easier to manage
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u/Blooberino Platinum | QC: CC 1344 Apr 01 '23
Hiding a seed phrase on a corpse is a pretty good way to keep it safe. However impractical.
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Apr 01 '23
It’s less impractical though if you hide it on the corpse of someone being buried in a mausoleum that will be opened again someday 🧐
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u/rootpl Moonwalker Apr 02 '23
Hiding a seed phrase on a corpse is a pretty good way to keep it safe. However impractical.
I need my seed phrase, shit, it's time to dig out grandma...
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u/GrittyMcGrittyface Platinum | QC: CC 31 Apr 03 '23
Fun fact: Satoshi Nakamot's seed phrases are written on the back of the declaration of independence
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u/Prmcc90 Apr 03 '23
“Welp my crypto actually took off, time to go dig up grandma to get that seed phrase!”
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u/mmartincevic Apr 02 '23
The best way to keep your sed phrase safe is by writing it down in notebook
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u/namagofuckyoself Tin Apr 02 '23
well to be fair, if a meteor wiped out humanity, fiat would be deemed useless, but crypto? now that would be completely useless.
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u/Olmops Platinum | QC: ETH 99, BTC 17 | TraderSubs 17 Apr 02 '23
Well. I had an excavator working in front of my house which caused the house to vibrate a bit. That caused my node to hang up. Now imagine the asteroid. Just saying...
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u/vegetablewizard Tin Apr 01 '23
Plot twist: Crypto bros are the only people allowed into heaven
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u/Lillica_Golden_SHIB Bronze | BANANO 5 | TraderSubs 13 Apr 02 '23
Arrives in heaven and discovers all the sub is there and moons are legal tender
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u/lubimbo Platinum | QC: CC 28 Apr 01 '23
I would snort my live savings away and meet a hooker. No way I am going as a virgin and sober.
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u/ResidentAssumption4 Bronze | r/WSB 46 Apr 02 '23
bad news the sex worker probably won’t be trying to expand their business knowing about the asteroid and all
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u/MantrassRont Tin | 1 month old Apr 02 '23
Duhhhh! Crypto is on chain, chain is on web, web is on the cloud, clouds are in Heaven! Thus, bitcoin = legal tender in Afterlife
Bullish AF!!
Also, read an article about thousands of Grim rippers being fired... Apparently, entry to Heaven is being tokenised and you would need a special nft to enter.
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u/TestyLion Tin Apr 02 '23
Bad news man, you only take it with you if you die in a Lambo on your way to the moon.
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u/ShotCryptographer523 Platinum | QC: CC 237 | VET 9 Apr 02 '23
I wonder if having a yachting accident before the astroid will bring your crypto to the afterlife as well?
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u/the_far_yard Stack a Sat, Stash a Gwei, Bull or Bear, D-C-A. Apr 02 '23
Someone is gonna read this and create Decentralife.
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u/throwaway23110504 Permabanned Apr 01 '23
Soooo much hopium , seems like bull is close.
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u/monaslab Tin Apr 01 '23
Didn't you read the article. Top crypto analyst says we are on the cusp of huge breakout
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u/Odysseus_Lannister Apr 01 '23
“Once all fiat systems are destroyed and the evil banks have their roots torn out, human kind can rebuild in a decentralized manner away from corrupt organizations that want to keep you down. Bitcoin is the perfect pick for this new world.”
• some idiot who thinks this unironically.
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u/Ethan0307 Apr 01 '23
"Mad max Bitcoin road"
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Apr 01 '23
The anti-christ has risen and everything else has fallen, but we’re all still running bitcoin nodes and miners, naturally
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u/elysiansaurus Platinum | QC: CC 20 | CAKE 6 | r/WSB 286 Apr 02 '23
Humans going extinct? Definitely bullish for the planet.
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u/innersloth987 Tin Apr 02 '23
US gov selling it would make up 25% of the daily volume..
In the world. Isn't that huge number? What % of total BTC volume in world is huge for OP?
How much if people of this sub combined transact on BTC will make up of total volume of BTC in world?
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u/conceiv3d-in-lib3rty Apr 01 '23
this is good for bitcoin
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u/bbtto22 Platinum | QC: CC 552 Apr 01 '23
Asteroid wiping the planet =People dying = burned btc= bullish for btc
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u/toastt_ghost Platinum | QC: CC 46 | Apple 71 Apr 01 '23
for real. my the Government know its the top..
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u/ExtraneousDioxide30 Apr 02 '23
I wish the US government will be the one to hit first
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u/partymsl Platinum | QC: CC 702 | r/WSB 16 Apr 01 '23
Thinking about your example, mass extinction technically would be good as the BTC chart would almost flat-line.
But now seriously, I believe that the US government selling BTC will only be a loss for them and a win for us as we will just buy up their sell orders. Transferring BTC from the government straight to retail.
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u/Background-Swan827 Tin Apr 02 '23
The transfer of wealth absolutely would not go to retail, and it would go to people who understand / own more BTC than the government.
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u/OneThatNoseOne Platinum | QC: CC 40 Apr 01 '23
It'd be super bullish actually.
Finally wipe out the dinosaurs that run the financial and political system. And we get some new blood with some sense.
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u/ihavehugebills Permabanned Apr 01 '23
I still fail to understand your reasoning. It's neither bearish nor bullish, just noise
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u/Fancy_Juggernaut_675 Tin | 6 months old Apr 01 '23
Only true way to put it. It just doesn’t matter.
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u/mutalisken Platinum | QC: BTC 31, CC 24 Apr 01 '23
I see it as bearish if anything. At least mid term. They arent selling because they need money. They are selling to test the landscape or because they know regulatory changes are coming so best to offload now.
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u/Shit_Shepard Tin Apr 01 '23
Can’t believe how low I had to scroll for the obvious take away!
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u/Background-Swan827 Tin Apr 02 '23
They're taking a page from Elons book of tweets.
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u/bbtto22 Platinum | QC: CC 552 Apr 01 '23
It’s something...
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u/cybxzero Permabanned Apr 01 '23
Not all signal is noise, and not all noise is meaningful signal.
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u/Woeffie1980 Platinum | QC: CC 42, ETH 41, XLM 16 | TraderSubs 48 Apr 01 '23
Your reasoning is like you’re reading tarot cards🙈
This is very ‘bullish reasoning’, I think you are a bit biased.
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u/Lillica_Golden_SHIB Bronze | BANANO 5 | TraderSubs 13 Apr 02 '23
Crypto bro biased about crypto? Come on, it is just your impression!! I'm sure he also used technical analysis and star signs to arrive at that conclusion.
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u/deathbyfish13 Free Range Moon Farmer Apr 02 '23
technical analysis and star signs
Well TA is basically astrology for crypto bros so that makes sense
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u/old_contemptible Platinum | QC: CC 32 | CRO 22 | ExchSubs 22 Apr 01 '23
It's better for the BTC to be dispersed among the people. All that dumping didn't even impact the price, bullish.
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u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Apr 02 '23
How do you know it didn't go to a few whales?
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u/mesutdmn Platinum | QC: CC 109 Apr 01 '23
Satoshi would laugh if knew the US government will own Bitcoin one day.
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u/cybxzero Permabanned Apr 01 '23
Philosophy books in 2060 be like "The Global Cryto Wars From The Eyes Of The Creator"
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u/devonthed00d Gold | QC: DOGE 47, BTC 44, CC 16 Apr 02 '23
But does the bitcoins connect to my home Wi-Fi network?!
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u/partymsl Platinum | QC: CC 702 | r/WSB 16 Apr 01 '23
They DID own it. Right now they are selling it and will probably have missed out on a $1B per trade in a few years.
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u/mesutdmn Platinum | QC: CC 109 Apr 01 '23
Imagine they buy back at top
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u/Lavasioux Tin | CC critic Apr 02 '23
🤣🤣🤣
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u/NanoPricePredictions Bronze | NANO 13 Apr 02 '23
You laugh but that's exactly what will happen. The big boys running the show will use taxpayer money to fund their getaway.
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u/Mr_Bob_Ferguson Platinum | QC: CC 445 Apr 01 '23
This means nothing regarding the government stance on crypto.
These are seizures from the proceeds of crime that are being sold off.
It's not some government crypto play. They never paid for these to begin with.
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u/duracellchipmunk Silver | QC: CC 301, BTC 62 | LINK 45 | TraderSubs 30 Apr 02 '23
If they were smart, they would be saying they’re selling them, and actually keeping them
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u/Mr_Bob_Ferguson Platinum | QC: CC 445 Apr 02 '23
A little thing called “public reporting” would unfoil that plan.
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u/Harold838383 Banned Apr 01 '23
I love how they come after coinbase for doing the “wrong” thing, yet that’s the exchange they use to unload their coins. Hypocrisy at its finest
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u/L3mm3SmangItGurl Bronze Apr 01 '23
Silly degen. The government has an infinite money printer. They don’t need to hodl btc to manipulate the market.
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u/FBI_OpenUp2023 Permabanned Apr 01 '23
I mean tbh the government has been selling bitcoin for years. But they usually do OTC sales that sell for a premium
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u/ashketchup422 Permabanned Apr 01 '23 edited Apr 01 '23
The US government is like us. When they sell it starts to pump
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u/pet2pet1982 Withdraw all your funds from large centralised exchanges! Apr 01 '23
That happens because US gov did sell BTC not by a desire of a commercial trader, but due to legal reasons. Think of that “they must sell”, so there are just attractive extra “free” BTC occasionally occurring in the market.
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u/Lillica_Golden_SHIB Bronze | BANANO 5 | TraderSubs 13 Apr 02 '23
This. Besides, last time the US sold BTC the price skyrocketed. So probably inverse US is a potential strategy.
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u/springmotion Tin Apr 01 '23
The fact the government are selling crypto, and using the money afterwards, mean it is legal to have, to sell, usufruct the value, etc.
They can't do the same with drugs.
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u/Ninja_Gogen Apr 02 '23
Seeing posts like this makes me worry we aren't out of the bear market yet.
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u/zerohits1 Tin Apr 02 '23
They will just confiscate more. It’s not like they bought any to begin with
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u/PennysPanic Tin Apr 02 '23
Sell BTC to have more money to save the Banks -> Banks keep gambling it and more people realize they aren't safe -> They look for alternatives to cash and Buy some BTC -> Bullish
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u/IdontOpenEnvelopes Tin | WeedStocks 17 Apr 02 '23
No it isn't. Signals no confidence in its future. Floods the market.
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u/SpaceMan639 Apr 01 '23
Let them sell, be great to see more bitcoin in the PEOPLEs hands!
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u/gloriousexecution Apr 01 '23
more bitcoin for us and less for the paper hands.
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Apr 01 '23
US governement most hypocrite i have ever seen
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u/RectalSpawn Platinum | QC: DOGE 51, CC 35, ETH 19 | FOREX 6 | Politics 444 Apr 01 '23
Why?
They need the money.
/$
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u/soufianka80 Tin Apr 01 '23
Guys ...be greatful for being I'm the US..don't get me wrong I'm from of the world where commenting stuff like that online will put me in a Dungen for years
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u/WARNINGXXXXX Fortune Favors the Shitposter Apr 01 '23
1 Billion in btc is a drop in the bucket
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u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Apr 02 '23
If there are 550 drops in the bucket then yes.
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u/ZaibatsuPrime Tin | 1 month old Apr 01 '23
USA will soon lose power and the world will be better for it. Bans crypto and then the dollar is going to fall after being challenged by BRICS. They will fall behind and their military will go to shit lol
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u/Armadillo-66 Tin Apr 01 '23
US government making money off of criminal gains. Think they should burn them if there so anti crypto
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u/AshamedFlame Tin | 4 months old Apr 02 '23
Lol every single news is bullish in this sub. I just shit out a big turd. Bullish!
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u/z0uNdz Permabanned Apr 01 '23
Get it out of their corrupt hands
They will try to tank the market but will end up creating more holders buying any dip
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u/Fancy_Juggernaut_675 Tin | 6 months old Apr 01 '23
But they only can do it ones. After it recovered they just can stay outside or buy back and push us to another level.
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u/BrocoliAssassin Silver | QC: BTC 218, CC 105 | CelsiusNet. 25 Apr 01 '23
I wish someone would ask them, if Bitcoin is so horrendous, why are they letting it back into the general public?
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u/quickacrita Apr 01 '23
The sooner they get rid of it the better. They’re already manipulating the market enough with news and suing exchanges, influencers etc. No BTC for them means they can’t manipulate the market as much
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u/Dazzling_Marzipan474 Platinum | QC: CC 26 | ADA 6 | ExchSubs 14 Apr 01 '23
People seem to be at the point that whenever there is a dip, they buy it right up. Especially because a lot of people were waiting for the mythical 10k BTC.
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u/YuntHunter Platinum | QC: CC 160 Apr 01 '23
My favourite part is when you posted a BTC volume trading chart that has no BTC trading volume in it. It really instills confidence.
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u/Sylerb Tin Apr 01 '23
I'd rather them sell now than at the ATH and use us as exit liquidity, but I agree OP, it's great to see btc hold its ground after all that sell pressure.
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u/longlegsq Tin Apr 01 '23
People in this sub come up with the dumbest narratives for why their 10 usd investment Will make them rich
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u/YaBastaaa Silver | QC: Coinbase 84, ETH 32, CC 27 | MANA 19 | ExchSubs 86 Apr 01 '23
Where can I buy it a discount rate from the government ?
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u/forgerator Silver | QC: CC 356, BTC 28 | AVAX 17 | Pers.Fin. 30 Apr 02 '23
this is the most arbitrary thing I have read today. did you use ChatGPT to come up with this post?
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u/Skank_cunt_42 Tin Apr 01 '23
Less BTC in the hand of a centralized government,
More BTC in the hands of people.
This only is great for Bitcoin!
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u/LaundrySauce110 Permabanned Apr 01 '23
Well, the gov. doesn’t want the bitcoin, they want the fiat, so it’s kinda a win-win for everyone
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u/juanadov Permabanned Apr 01 '23
They just wanted to help with the liquidity problem BTC was having. Very kind of them.
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u/Consistent_Many_1858 Platinum | QC: ETH 26 | MiningSubs 27 Apr 01 '23
US government on one hand wants to ban crypto and on the other happy to sell the Bitcoin. What kind of Hypocrisy is this?
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u/triflingmagoo Platinum | 4 months old | QC: BTC 31 Apr 01 '23
As of December 2022, the US Government held 214,682 BTC. Over the course of 2023, selling 41,400 would equate to a little over 19% of their total holdings. This is not accounting for any BTC they will continue to confiscate over the course of this year. They’ll still be one of the largest BTC bag holders, and if they know what’s good for them, they’ll continue to acquire at a staggering pace. The US government is a lot of things, but stupid they are not.
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u/throwaway23110504 Permabanned Apr 01 '23
USA government is just dca'ing out.
Seems like a healthy habit tbf.
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u/cdnkevin Platinum | QC: CC 123 | r/WSB 34 Apr 01 '23
As the daily trading volume has been seen at the heights of nearly 50k BTC too in the past months, it could even make up less and have less of an impact.
What?
Daily trading volume is seen regardless of BTC price.
I don’t think daily trading volumes in this economic climate will compare to the best months of 2021 (near ATH).
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u/Full-Perception-5674 Bronze | VET 12 Apr 01 '23
Still don’t understand why one of the top 10 entities owning BTC selling is bulling…. Are people blind?
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u/Jenn2895 Apr 01 '23
Think it also shows they're not going to ban Btc. Considering they didn't sell it all & plan to sell more down the line.
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u/9999999910 Platinum Apr 01 '23
I mean, they’ve been systemically short the USD for as long as it’s been around so… 😆
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u/coupl4nd Platinum | QC: BTC 17 | SHIB 10 | r/WSB 12 Apr 01 '23
US gov are secretly accumulating... they're using this as FUD.
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u/Dumbape_ Bronze | SHIB 6 | r/WSB 141 Apr 01 '23
But will they use that money to pay off the deficit
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u/IamAFlaw Platinum | QC: ETH 209, CC 61, XMR 20 | MiningSubs 86 Apr 01 '23
How to spot a BTC maxi trying to make US government holding so much and dumping some as a good thing lol.
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u/cannainform2 Apr 01 '23
I always thought anyone selling btc was a bad thing. Guess by r/cc standards I'm wrong
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u/Lumn8tion Apr 01 '23
I guess my question is “why?” Why is the US Gov selling its BTC? Anyone with a real answer? Or am I bring April fooled?
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u/ArkhamKnight_1 Redditor for 2 months. Apr 01 '23
Now if we can just get Cramer to rail against it…. Oh wait… 🫡
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u/SimRacer101 Apr 02 '23
Stupid question but why and how does the US government have BTC?
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u/THEREALTROY44 Redditor for 1 month. Apr 02 '23
To me if they really hated crypto they would of sold it all at once, an try to cause chaos in the crypto world and try to crash everything.. but they didn’t
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u/Gr8WallofChinatown Tin | Economics 11 Apr 02 '23
USA and China own too much BTC and needs to liquidate it. Along with other centralized organizations and countries along with Salvador and Microstrat
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u/Lavasioux Tin | CC critic Apr 02 '23
Hi,
Why does the US GOV have BTC? Where did it get it? Thanks!
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u/CointestMod Apr 01 '23
Bitcoin pros & cons with related info are in the collapsed comments below.