News that never happened: Governments buying bitcoin reserves
A month ago, the crypto community latched onto headlines from Arkham Intelligence and kickstarted a misleading news cycle that lasted the entire month of July. Thanks to purposefully ambiguous terms and play-by-play commentary about movements of bitcoin associated with governmental agencies, there are countless people who believe that governments around the world have been buying bitcoin, holding it as a reserve asset, and timing their purchases and sales to maximize gains. It never happened. On July 6, Arkham published an easy-to-read dashboard of ostensible bitcoin holdings by four governments: US, UK, Germany and El Salvador. Many people misinterpreted ‘holdings’ as ‘reserves’ or ‘investments.’ Blog posts, articles, and social posts proliferated under the mistaken understanding that governments were buying bitcoin, deciding on dates and times to buy and sell, and otherwise jockeying with other sovereigns to acquire bitcoin as a strategic reserve...