Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.

What's going on, guys? It is Thursday, June 27th, and today we are talking about the U.S. government dropping some coin on us.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

You can find a link of the show notes or go to bit.ly slash breakdown pod.

Well, friends, the U.S. government is dumping another tranche of Bitcoin. Government wallets were

spotted transferring 3,940 Bitcoin to Coinbase Prime yesterday afternoon worth around 241 million.

These transfers are presumed to be settlement of a prearranged sale or simply selling the Bitcoin

into the open market.

Arkham Research traced the Bitcoin's transaction history and concluded it had been forfeited

by Baummeet Singh earlier this year.

Singh was a narcotics vendor on dark web markets between 2012 and 2017.

The Indian National controlled multiple distribution cells within the U.S. and was arrested

in London in 2019. He was extradited back to the United States in 2023 and ultimately pled guilty to

conspiracy to distribute controlled substances and conspiracy to launder money in January of this year.

The Bitcoin was forfeited as part of his sentencing in April, making it eligible for sale.

In total, the U.S. government has sold off more than

195,000 Bitcoin since 2014. If they'd held onto it, the Bitcoin would have been worth $11.8 billion today.

Then again, maybe that seems like small change for a government whose annual deficit is now in the

trillions, and the U.S. government still has a gigantic stash of 213,000 Bitcoin obtained from seizures,

worth about $13 billion at current prices.

For a sense of scale, micro-strategy only recently became a larger Bitcoin holder than the

...