HomeCryptoBitcoinSilk Road: the USA government ready to liquidate 69,000 BTC seized
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Silk Road: the USA government ready to liquidate 69,000 BTC seized
9 January 2025
Silk road btc
The governo degli Stati Uniti has obtained permission to sell 69,370 Bitcoin (BTC) seized from the darknet platform Silk Road, for an estimated value of 6.5 billion dollars.
The decision, approved by a federal judge on December 30, represents a significant move in the cryptocurrency landscape and could have an impact on the Bitcoin market.
Summary
The story of the Bitcoin (BTC) of Silk Road
Legal and economic motivations
Conclusions
The story of the Bitcoin (BTC) of Silk Road
Silk Road was a well-known darknet marketplace operating from 2011 to 2013, primarily used for the trade of illegal goods, often paid in Bitcoin. After the closure of the site and the arrest of its founder Ross Ulbricht, the US government seized a significant amount of Bitcoin linked to the platform’s activities.
The 69,370 BTC in question represent one of the largest cryptocurrency seizures in history. After years of custody, the Department of Justice (DOJ) has pushed to obtain permission to liquidate these assets, citing the volatility of Bitcoin’s price as a reason to expedite the sale.
The introduction of such a high quantity of Bitcoin could generate a bear pressure, causing a temporary reduction in the price.
However, the cryptocurrency market has grown in terms of liquidity and adoption compared to past years, and experts believe that the impact could be absorbed quickly.
The decision comes less than two weeks after the inauguration of the new USA administration, which initially had declared not to sell Bitcoin.
This change of strategy could be seen as a direct response to the volatility of the cryptocurrency markets, but also as a way to monetize assets seized in favor of the public coffers.
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