Senator Lummis Writes U.S. Marshals Service Regarding Bitcoin Sales

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Senator Cynthia Lummis, spearheading the effort to establish a U.S. Strategic Bitcoin Reserve, has sent a letter to the U.S. Marshals Service inquiring about the reason for selling 70,000 bitcoin.

Senator Lummis writes, “The U.S. Marshals Service track record in handling seized Bitcoin reveals a concerning pattern of losses for American taxpayers. Based on historical sales data, the Service has sold approximately 195,092 Bitcoin between 2014 and 2023 for a total of approximately $366.5 million. At current market prices, these same Bitcoin would be worth over $18.9 billion, representing a loss of more than $18.5 billion in unrealized value for American taxpayers – a staggering 98% loss in potential value. This pattern raises serious questions about the Service’s approach to managing and liquidating Bitcoin.”

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