Amid the increasing concerns of the government in crypto, recent analysis of Dogecoin (DOGE) wallets by Avorak AI noted that the U.S. government is the largest holder. This has sparked discussions, including why the government has the cryptocurrencies and what they do with them.
Government has acquired crypto through seizures
Cryptocurrencies like Dogecoin (DOGE) have gained popularity due to their decentralized and anonymous nature, and this has, unfortunately, made them appealing to individuals engaging in illicit activities. As law enforcement agencies crack down on criminal operations, they often seize assets as part of their investigations. In recent years, agencies such as the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) have confiscated substantial amounts of cryptocurrency, and this could be why the U.S. government is the largest holder of DOGE.
What will the government do with all their crypto?
After a case is closed, if the government is supposed to maintain control over seized crypto assets, it does it through the U.S. Marshals Service, which sells the cryptocurrencies through public auctions. The government then places the acquired fiat currency into one of two accounts: The Treasury Forfeiture Fund or the Department of Justice Assets Forfeiture Fund. From there, the liquidated crypto can be used for various public uses. Ultimately, the government’s decisions regarding the crypto holdings will depend on factors like market conditions, regulatory considerations, and their broader objectives and priorities. However, it is essential to note that there have been suspicions of gross mismanagement of these digital assets, with some landing in the hands of individuals.
What is Avorak AI?
Avorak AI is an emerging AI Crypto project currently in its initial coin offering (ICO) phase. It has gained significant recognition for its pioneering solutions and advanced artificial intelligence (AI) capabilities. Avorak AI focuses on the development of AI-driven solutions, including chatbots, virtual assistants, trading bots, image generators, text creators, automated video editors, and much more.
Avorak’s solutions have first-to-market features and enhancements that its trading bot, Avorak Trade, can exemplify. This AI trading bot provides users with price predictions and significant indicators based on comprehensive market analysis. Avorak Trade also alerts them whenever market changes occur and can automate trades across different exchanges and asset classes, providing a versatile trading experience. Additionally, Avorak’s trading bot is programmed with a non-code command-line input, enabling even non-power users to benefit.
The Avorak (AVRK) token, which will be required to access its services, is selling at $0.255 in phase 7 of the ICO. Investors at this level benefit from token bonuses and priority access to the project’s beta-stage products, among other ICO advantages.
The innovative technology and powerful solutions offered by Avorak AI have attracted a significant following among cryptocurrency enthusiasts, who believe it has strong growth potential.
For more information on Avorak AI and its ICO:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
