Gov'ts and Institutions buying up Bitcoin - page 3.

Nadziratel

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Quote from: DaC0nsumeR on July 22, 2019, 07:42:04 PM

What do we make of the coverage of institutions and governments quietly buying up large amounts if Bitcoin? Is there much reliable info/coverage on this? Seems like this might not be getting the attention it deserves. Or maybe I'm just being led on by suspicion/curiosity.

Opinions? Inside info haha

Now that you're asking, I guess you don't know anything about company structures. In fact I think we can talk about all these company purchases.

We are constantly reading the news that large companies have purchased or will receive cryptocurrencies. But it's not that simple. All the companies we call big companies are capital companies. And it would be a bit of a dream to expect them to make risky investments. We should not expect companies to invest in the current state of BTC. Or any other cryptocurrencies.

Everyone can expect the price of Bitcoin to go up. They don't easily put millions of dollars into this market for this. In addition, all these companies do not have the appropriate legal regulations to make these investments! So how will they show their BTC purchases in their accounting records? Balance sheets? Let's be realistic. Companies must act in an accountable manner.

Chrisdstar

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kryptqnick

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Quote from: DarkDays on July 22, 2019, 08:18:02 PM

Where did you see that governments in particular are buying up Bitcoin? I don't think I've seen a single example of any major government buying up anything more than a nominal amount of BTC.

Most major governments, with the US in particular, already have large troves of Bitcoin that are seized from criminals. For instance, I think I recall the US seized 100,000 BTC from the operators of Silkroad.

I doubt they need any more than that.

I agree that it sounds like a conspiracy thing. There are some govs, though, that are believed to have a lot of bitcoins, right? There are some articles about it on Investopedia. According to this article, Bulgaria has 200k BTC, North Korea definitely has quite some (but since it's North Korea, there's no detailed information), whereas according to this article, the US government at least used to have $1billion worth of coins. But all of these things are more or less official, known from the auctions of the seized property (like the one you've mentioned with Silkroad), and it's not something that became more active recently, so I think the op might be wrong.

layer1gfx

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i think they don't have to buy bitcoins, if they want some they just seize them - as some members here already pointed out.
mtgox coins sold in japan, silkroad coins auctioned in the us ... i think the gov is not interesting in keeping bitcoins

jake zyrus

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We can't really say that goverments are into bitcoin and buying btc. It's kinda contradicting that government is into bitcoin when they're promoting fiat. But there's also a possibility that they are, maybe they're just keeping it a secret. We don't know.

davis196

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Quote from: DaC0nsumeR on July 22, 2019, 07:42:04 PM

What do we make of the coverage of institutions and governments quietly buying up large amounts if Bitcoin? Is there much reliable info/coverage on this? Seems like this might not be getting the attention it deserves. Or maybe I'm just being led on by suspicion/curiosity.

Opinions? Inside info haha

If governments and financial institutions were buying large amounts of bitcoin,the price will definitely not stay in the 10K range.Large transactions can be tracked and everyone can see them.I don't see any large transactions in the blockchain.The idea of a government buying btc seems stupid to me.They can just confiscate it.

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Quote from: DaC0nsumeR on July 22, 2019, 07:42:04 PM

What do we make of the coverage of institutions and governments quietly buying up large amounts if Bitcoin? Is there much reliable info/coverage on this? Seems like this might not be getting the attention it deserves. Or maybe I'm just being led on by suspicion/curiosity.

Opinions? Inside info haha

See bold - That’s the way governments & institutions want it to be, they want to buy up all the coins they coin without any publicity. They want the coins as cheap as they can.

mitchr4

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Quote from: fiulpro on July 22, 2019, 11:52:26 PM

Hey

I don't think they are actually buying bitcoins .
When it comes to government and institutions , they prefer Saving the money (if it's white) in banks and all .

BUT
Let's now talk about the corrupt ones , they usually have to leave no trail , bitcoins is more or so perfect for them , they can buy and send money using bitcoins internationally without anyone knowing , it is prevalent in the black market , like a lot prevalent.

It's no longer talking about the government that buys Bitcoin. But they only uses Bitcoin as a place for money laundering. It clearly against the rules in a government and I did not think it was done by the government or institutions but for personal gain.

eaLiTy

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Quote from: DaC0nsumeR on July 22, 2019, 07:42:04 PM

What do we make of the coverage of institutions and governments quietly buying up large amounts if Bitcoin? Is there much reliable info/coverage on this? Seems like this might not be getting the attention it deserves. Or maybe I'm just being led on by suspicion/curiosity.

Opinions? Inside info haha

Not sure from where you are getting these information about governments buying up large amount of bitcoin, is that even possible to spent tax money on what ever they want and if that is the case which country is doing that Tongue

. Institutional investment will take the price to new levels and we are yet to see huge investments from institutions like we used to see in the stock market and if that happens the bitcoin market will be a trillion dollar investment platform Wink

.

antisocial77

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I dont think its true.its simply impossible because there are rules and inspection mechanism and if this reveals, that governent has to resign.maybe only countries who deal with embargo.

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Quote from: DarkDays on July 22, 2019, 08:18:02 PM

Most major governments, with the US in particular, already have large troves of Bitcoin that are seized from criminals. For instance, I think I recall the US seized 100,000 BTC from the operators of Silkroad.

The US auctioned those 144,336 Bitcoins for $334 on average:

Quote

Proceeds of $48.2 million from the sale of 144,336 bitcoins mean that the government sold the cryptocurrency at an average price of $334.

I wouldn't be surprised if some agencies buy some Bitcoin for whatever reason, but I doubt they'll buy large amounts in secret using an unofficial black budget to avoid attention.

Kakmakr

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Source please. Roll Eyes

A government cannot simply use taxpayers money to speculate with high risk investments. It is highly unlikely that a lot of governments with good governance would openly admit to speculating with bitcoins. Yes, governments waste tax money on fruitless expenditure and they over pay for goods and services, but they cannot gamble money on high risk investments. Tongue

The main aim of governments in a democratic government is to keep the voting public happy, so that they would re-elect them in the next election and to stay in power. So if the voting public gets wind of "speculation" being done with a high risk investment, those voters might not be that happy. Roll Eyes

fiulpro

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Hey

I don't think they are actually buying bitcoins .
When it comes to government and institutions , they prefer Saving the money (if it's white) in banks and all .

BUT
Let's now talk about the corrupt ones , they usually have to leave no trail , bitcoins is more or so perfect for them , they can buy and send money using bitcoins internationally without anyone knowing , it is prevalent in the black market , like a lot prevalent.

BrewMaster

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Quote from: DarkDays on July 22, 2019, 08:18:02 PM

Most major governments, with the US in particular, already have large troves of Bitcoin that are seized from criminals. For instance, I think I recall the US seized 100,000 BTC from the operators of Silkroad.

but they are not "using" those coins. the seized coins have a clear fate and are only auctioned off to the public like everything else that the law enforcement seizes.
what this FUD that OP is pointing to and has been circulating on the internet lately, is referring to is basically about government buying bitcoin to manipulate the price. which doesn't make any sense at all if you ask me!

ziyush

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They are making some fake news and pushing the price to move down and then purchasing a big amount and they are continuously doing this.

paul00

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Quote from: sixtyonefourfive on July 22, 2019, 10:37:25 PM

How can governments ban or stop bitcoin and cryptocurrency when they are actually using it see here: https://www.smartcompany.com.au/startupsmart/news/horizon-states-democratic-blockchain-fisheries-council-election/

In that case not all the governments are using it that's why there are still banning it. As per article Naamani hopes it will lead to bigger and better things we as an individuals have different perspective like Naamani said I can say its true and what the technology can do in the future.

sixtyonefourfive

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How can governments ban or stop bitcoin and cryptocurrency when they are actually using it see here: https://www.smartcompany.com.au/startupsmart/news/horizon-states-democratic-blockchain-fisheries-council-election/

pooya87

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i think you may be making bad assumptions after reading the recent articles that have been circulating among the news sites and were spammed all over reddit talking about "institutional investors buying bitcoin". which has nothing to do with "governments" buying bitcoin and we don't have evidence to believe otherwise. there is a lot of incentive for individuals and institutional investors to buy bitcoin but it is the same incentives that have existed forever and they have been buying bitcoin just as long. i don't think that much has changed.
with Bakkt news these days this might have increased but also we are not seeing any kind of change in the market and on the charts so again we have no evidence...

Hallmader

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Quote from: DaC0nsumeR on July 22, 2019, 07:42:04 PM

What do we make of the coverage of institutions and governments quietly buying up large amounts if Bitcoin? Is there much reliable info/coverage on this? Seems like this might not be getting the attention it deserves. Or maybe I'm just being led on by suspicion/curiosity.

Opinions? Inside info haha

I don't have info, much less an inside one. But if I were to take some inklings from the statements of the recent United States congressional hearing on Libra and cryptocurrency, I would say a great many of them must have already bought a bunch of Bitcoins. I mean, would you not if the likes of Winklevoss are on it? And saying that Bitcoin is unstoppable means a thousand words, which cannot be hidden with such a seemingly unbiased remark.

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There is no solid proof stating that bitcoin is being is being bought by governments and institutions. There were some predictions that institutions might also engage into buying and holding of large volume of funds for profiting in the long term.

From a press release from Southeast Law Enforcement Center in 2017 revealed data regarding Bulgaria having half million dollars worth of bitcoin. The same calculation gives a 2 million worth to be into the reserve of Bulgaria which is higher that of their gold reserve.

It is the only country in which data related to the bitcoin reserve got known and calculated.

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