US Sells BTC?
Gm miners,
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You may have heard the rumors:
What is going on here?
To be clear, the ~ 69k BTC has not officially moved yet:
But it has been cleared by the court, and the DOJ has commented they will “proceed.”
This BTC was part of the 170,000 BTC seizure from the Silk Road in 2013.
Most of this has been sold.
It would be worth $16B today ($28M when taken into custody).
The Department of Justice (DOJ) has been seeking permission from the court to liquidate these particular coins since 2020.
It was presented as an urgent matter, citing “volatility” as a concern.
The DOJ would have sold it the second they took custody, but court approval is required for the sale of seized assets.
The horrific volatility caused their stolen assets to increase 57,000%
Officials have not disclosed the specific plans for how it will be sold.
The last sale (March 2023 for 10k BTC) was auctioned.
The court filing states the sale will be “consistent with the judgement”.
This is at blatant odds with the Trump administration taking office in 10 days.
Quote:
"If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.”
The US currently holds roughly 200,000 BTC.
It will be interesting to see how this plays out.
It is not easy to quickly convert 69,000 BTC into dollars.
It would likely have to be through a major exchange and the new administration would take office before the damage is done.
Even in the case of complete liquidation, BlackRock would gladly take the “borderless censorship resistant” cyber money off the DOJ’s hands.
Have a good weekend✌️