Bitcoin: billions in BTC for sale in the USA?

It is official: the government of the USA has been authorized to sell more than 69,000 BTC.

The total value of those Bitcoin far exceeds six billion dollars.

The sale was authorized at the end of December by a ruling by Judge Richard Seeborg, but it was only reported yesterday.

This ruling does nothing but remove any obstacle to the possible sale, but it does not mandate it.

The decision instead rests with the current owners of those 69,370 BTC (Bitcoin), namely the Department of Justice of the US government.

As far as is known, such a decision has not yet been made, also because there is another issue at stake.

The Strategic Reserve in Bitcoin
Those 69,370 BTC come from a seizure against a person involved in the Silk Road case.

In reality, it currently appears that the Bitcoins in possession of the DoJ (Department of Justice) total 198,000, originating from multiple seizures.

According to what Donald Trump stated during the election campaign, the intention would be not to sell them, but to include them within a new national strategic reserve.

However, Trump will take office only on January 20, which is in two Mondays, and the Biden administration does not agree on this point. In fact, already at the beginning of December, almost a month after Trump’s victory, the Biden administration sold about 10,000 BTC in possession of the DoJ.

So on one side, there is still the current administration ready to sell those Bitcoins now that it has effectively been authorized by the court, while on the other side, time is running out before the new Trump administration takes office.

A spokesperson for the current administration stated that they intend to proceed with the sale, but it will be necessary to see if they manage to proceed in time.

The impact on the price of BTC
The price of Bitcoin has been decreasing for a few days.

The Dollar Index, which is very high and further increasing, makes a rebound in the short term highly unlikely.
#bitcoin #crypto

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.#bitcoin #dump

A U.S. court approves the sale of $6.5 billion in seized Silk Road Bitcoin, closing a major legal battle and marking the largest crypto seizure yet.

A U.S. federal court has approved the sale of 69,370 Bitcoin seized from the Silk Road marketplace, marking the final step in a four-year legal battle. Chief U.S. District Judge Richard Seeborg denied a motion to block the forfeiture, clearing the Department of Justice (DOJ) to liquidate the $6.5 billion worth of Bitcoin. This is the largest crypto seizure in U.S. history, signaling a major closure in the case linked to the dark web platform shut down in 2013.

Despite the ruling, the liquidation process will take time, as federal asset forfeiture involves several administrative steps and appeal windows. Portions of the Bitcoin stash have already been sold. On December 3, 2024, the DOJ moved nearly $2 billion in Silk Road Bitcoin to Coinbase, where the U.S. Marshals Service manages custody through Coinbase Prime. #bitcoin #dumps

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