US Government plans to sell $6.7B of Bitcoin BEFORE Trump takes over | Bitcoin News by CoinCorner

Transcript

It's been an action-packed week as Thailand are introducing Bitcoin as a form of payment in Puket. There is talk of more countries looking to hold Bitcoin as a strategic reserve asset. Public companies are also scooping up Bitcoin, joining the now extensive list that hold Bitcoin on their corporate balance sheets. But at the same time as all of this, the US government may be selling off 69,000 Bitcoin worth $6.5 billion.

Welcome back to Bitcoin News brought to you by Coin Corner. I'm your host Alex Glass. Now let's get straight into this week's top stories.

First off, looking at Bitcoin's price, it's been a bit of a sideways start to the year as the price has fluctuated between $92,000 and $112,000 per coin, which appear to be two very strong supports and resistance levels. This week, however, we have experienced a fairly sharp sell-off where the price has dropped almost 10%.

One potential explanation for this is that it's been revealed that the US government has been cleared to sell off 69,000 Bitcoin worth an enormous $6.5 billion. According to the post on X on the 30th of December, a federal judge ruled that the Department of Justice can sell the seized coins, which were acquired from the Silk Road dark web asset seizure. It's unclear if this sale has already taken place or if it's yet to come, but either way, it's somewhat shocking that this has been passed through just 2 weeks before Trump takes office as he has vowed not to sell any of the country's Bitcoin holdings.

Now moving on to some more positive news. Last week, on the 3rd of January, Bitcoin celebrated 16 years since the first ever Bitcoin block was mined by the synonymous creator Satoshi Nakamoto. The first block, also known as the Genesis block, also contained a message saying "The Times 3rd of January 2009: Chancellor on the brink of second bailout for banks," and this reference is seen as a critique of the traditional financial system and a nod to the motivation behind creating Bitcoin.

Now one country who are looking to embrace this now 16-year-old asset is Thailand, where it's been announced that they are set to pilot a new program allowing tourists to make Bitcoin payments in the popular tourist destination of Puket. The Deputy Prime Minister said that the program aims to make digital transactions more accessible in tourism-focused cities to remain competitive and avoid missing out on business opportunities.

In order to make Bitcoin payments, foreign tourists will need to verify their identities before using any cryptocurrencies to pay for goods and services. A clearing house will then convert the Bitcoin transactions into Thai Baht. The move comes amid pressure from Thailand's former Prime Minister, who said that Thailand should be studying digital assets to keep ahead of the curve towards global digitization. However, interestingly, he believes that the government themselves should not be buying any cryptocurrencies.

Exciting as this is, it seems we're still a bit of a way off from full use of Bitcoin as a currency, although it is still another step forward in legitimizing its adoption.

Another country looking to benefit from the growing digital asset industry is Bhutan, which, within their plans for a new economic hub called the Galu Mindfulness City, intends on holding Bitcoin and other cryptocurrencies within their strategic reserve.

The country of Bhutan has already made huge moves to utilize Bitcoin as it was recently revealed that they are mining using surplus hydroelectric power, and they now hold $1.1 billion worth of the asset. This announcement from such a prominent development within the country demonstrates the key role that digital assets are playing within the country's future.

The GMC project is expected to take 21 years to complete, but plans to create an economic corridor linking South Asia to Southeast Asia.

Also in the news, the Czech National Bank is considering the option of adding Bitcoin to its reserves. In an interview, the governor of the Czech National Bank, Ella Michl, said he was considering acquiring a few Bitcoin for diversification, which wouldn't count as a significant investment for the bank but would help to demonstrate the growing government interest in the asset as a savings technology.

Exciting as this sounds, an adviser to the board clarified that the bank is not currently planning a Bitcoin investment; however, they are open to the idea in the future.

Also this week, Canadian Prime Minister Justin Trudeau has resigned after over 9 years in office. But most excitingly, it's anticipated that in the country's next election, the Conservative Party, led by pro-Bitcoin candidate Pierre Poilievre, is likely to win.

Poilievre is widely seen as the front-runner, and according to Polymarket data, he has an 89% chance of winning. He has also received huge public support from Elon Musk and the Bitcoin community for his criticism of the excessive government spending and borrowing which reduces the value of money for ordinary citizens.

If he gets in, this could be another huge milestone for Bitcoin adoption. As David Bailey, CEO of Bitcoin Inc., said, Poilievre could lead Canada towards establishing a national Bitcoin reserve.

Now more bullish news is coming from ETF management company Strive, who filed an application to launch a Bitcoin Bond ETF. The actively managed ETF will invest directly and indirectly through derivative instruments, including swaps and options, to get exposure to convertible bonds issued by companies that Strive expects will invest all or a significant portion of the proceeds to purchase Bitcoin.

The filing refers specifically to MicroStrategy, who have invested more than $27 billion into Bitcoin with proceeds from their convertible debt offerings, which has led to a share price surge of nearly 600% over the past year.

This is yet another example of Bitcoin establishing itself as a more mainstream asset, taking its place alongside traditional finance. Now considering Strive was co-founded by V. Ramaswami, who is set to play a key role in Trump's incoming administration, this could be another indicator of how pro-Bitcoin this government might become.

For our final story this week, two more public companies have announced vast Bitcoin purchases, adding the asset to their corporate balance sheets.

First, we have social media marketing company Thumbs Up Media Corp, who have acquired 9.7 Bitcoin for an approximate cost of $1 million.

Then we have Cooler Technologies, which has purchased an additional 213 Bitcoin, bringing their total holding to 430, worth around $40 million.

But most excitingly, both of these companies have disclosed their intent to potentially convert up to 90% of their liquid assets and cash reserves into Bitcoin, pending approval from the board of directors.

Unfortunately, that is all we have for you today, so as always, make sure to hit that subscribe button down below, and I'll see you next week with more Bitcoin news.