On January 21, Eugene Epstein, head of trading and structured products at Moneycorp, said in an interview: "We've been through cyclical bull markets in cryptocurrencies before, but I remember that this was the first time the hype really happened at the government level. So far, there's just been a lot of talk, but in terms of acceptance, this is still the farthest cryptocurrency has ever gone." The United States is already the largest sovereign holder of bitcoin, mainly from judicial seizures. According to Bitbo, the country holds more than 200,000 bitcoins, equivalent to nearly $22 billion. Epstein said the cryptocurrency market is trading based on the expectation that the United States will buy heavily in the future. Large-scale purchases of cryptocurrencies by all levels of government in the United States have been digested by the market and may give up if expectations are not met: "Unless some kind of state-level program actually starts, it's hard for me to see the market rise, and I expect that to be led by the Treasury Department."