The U.S. government is struggling to track and manage the amount of Bitcoin it holds. The primary law enforcement agency responsible, the U.S. Marshals Service (USMS), cannot accurately confirm the amount of BTC on hand, raising public concerns about the government's ability to oversee digital assets.
Not Knowing How Much Bitcoin Is Being Held
Senator Cynthia Lummis has repeatedly called for #USMS accurate figures on the amount of Bitcoin the U.S. government holds. However, USMS admits it does not have a specific number. This is not only an administrative issue but also exposes serious management gaps.
Before 2019, USMS only handled a small number of crypto assets, leaving other agencies like the IRS-CI to find ways to store them. This loose management approach caused many problems, including the loss of control over the Ethereum wallet in 2022.

Storing Bitcoin in Excel Files, Transferring Wallet Addresses via Email?
USMS's crypto handling process has been criticized as insecure. According to Chip Borman, head of Addx Corporation, USMS even stores Bitcoin wallet addresses in an Excel file, which can lead to serious losses. When needing to transfer Bitcoin to a safe wallet, USMS can take weeks to provide the address, and they send this information via email without encryption or security measures.
Meanwhile, the IRS-CI implements a stricter process, requiring video call verification and only sending wallet addresses in an encrypted file. This difference shows that USMS is not yet truly ready to manage crypto professionally.

Selling Off Bitcoin Before Trump Returns to the White House
The president #DonaldTrump has announced plans to hold seized Bitcoin as a national strategic reserve instead of selling it on the market. However, before he took office, USMS planned to sell off 69,370 BTC (worth $6.6 billion) from the Silk Road case. This has led many to question the motives and long-term strategy of the U.S. government regarding Bitcoin.
Hiring Third Parties to Manage Crypto: A Controversial Contract
Aware of its inefficiencies, USMS has sought to hire third parties to manage crypto. However, this process has faced much controversy:
In 2021, the crypto management contract was awarded to BitGo but was canceled for not meeting small business criteria. The contract then moved to Anchorage Digital but was also canceled for similar reasons.
In 2024, Coinbase won the management contract $BTC for popular assets, while CMDSS took on the management of less popular assets. However, Anchorage has sued Coinbase, and CMDSS is accused of lacking licenses from SEC/FINRA.
These controversies are making the management of Bitcoin by the U.S. government more chaotic and opaque.

Could the U.S. Lose Billions of Dollars Due to Lack of Crypto Knowledge?
Experts argue that USMS is approaching crypto like a traditional asset, not recognizing the differences in management. For example, they once planned never to hold more than $500 in crypto at a time – an unrealistic mindset when the value of Bitcoin can reach billions of dollars.
According to statistics from Arkham, the U.S. government currently holds about 198,100 BTC, worth nearly $19 billion, along with other altcoins like $ETH , USDT, $WBTC ,... However, with the current management approach, many are concerned that these assets could be lost or exploited illegally.
Many voices are calling for the Government Accountability Office led by Elon Musk to audit the U.S. management of Bitcoin, similar to how Musk wants to check the gold reserves at Fort Knox. If this happens, we might witness many shocking truths about how the U.S. government is handling digital assets. #anhbacong
👉 Can the U.S. really control its Bitcoin stash? Or is it at risk of losing billions of dollars just due to a lack of understanding of crypto?