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The $570 million investment plummeted by well over 99% and was worth only $670 in June 2024 — a major hit to any company’s balance sheet and ability to pay back its loans.
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The collapse of 3AC sent shockwaves through the crypto industry, affecting all crypto firms exposed to the now-defunct crypto hedge fund.
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The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by Three Arrows Capital — a former borrower of Genesis.
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Analysts say this could reverse in 2025, especially if ETH’s price performance enhances ETF returns and regulators allow the funds to generate yields from staking.
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They still lag BTC ETFs, which closed out 2024 with upward of $35 billion in net inflows, according to Farside.
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The Bitcoin market would likely change radically if states become market buyers. A new wave of new investors from global financial centers would flood the crypto markets, changing the market dynamics, psychology and reactions to certain events.
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However, Ismail said much of the Bitcoin purchases would be done via over-the-counter brokers and settled as block trades, so “it may not have an immediate, direct impact on the price of BTC,” but will instead create a long-lasting demand force which will eventually push the price of Bitcoin upward.
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Bank Al-Maghrib has also been exploring the possibility of establishing a central bank digital currency to see how it “could contribute to achieving certain public policy objectives.”
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According to CoinGecko, governments around the world hold about 2.2% of Bitcoin’s total supply, some 471,380 Bitcoin.
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The US government already holds about 213,297 Bitcoin worth over $2 billion, acquired through seizures, with the largest portion coming from shutting down the online the Silk Road black market in 2013.
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“If, as has been discussed, they choose to withhold Bitcoin seized and held by the US Marshals Service, this could create a perverse incentive to seize more over time and be more aggressive in seizures,” Cradle added.
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“I would also be curious how they decide to fill the reserve,” he said.
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Cradle speculates that with a strategic Bitcoin reserve, the president might unilaterally drop the price of Bitcoin in the same way.
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“If you go back to as recently as 2022, President Joe Biden released 200 million barrels of oil from the strategic petroleum reserve to mitigate price spikes caused by the Russian invasion of Ukraine.”
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“If the US government holds Bitcoin, then it takes an interest in the price of Bitcoin, which further means it will implement policies to manipulate the price, up or down, at times when it needs to do so,” Cradle said.
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Governments haven’t always made outcomes for the crypto industry, with the US Securities and Exchange Commission (SEC) under the Biden administration causing plenty of headaches for crypto firms with record numbers of fines and penalties in 2024.
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Timothy Cradle, chief compliance officer at cross-border blockchain payment service Instarails, told Cointelegraph that while a Bitcoin reserve is possible, he is unsure if government involvement in crypto would be without hiccups
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In the long run, though, Ogilive thinks it could ultimately bolster Bitcoin’s long-term narrative as the “premier store of value”.
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Atkins is known for his pro-innovation stance and crypto expertise and is claimed to be capable of “returning the agency to the so-called ‘gold standard,’” according to an X post by financial reporter Eleanor Terrett.
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Former SEC Commissioner Paul Atkins has emerged as the leading candidate to chair the agency under President-elect Donald Trump’s new administration.
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