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Cryptocurrency News Articles
The US Government Might Sell Its 69,370 Bitcoin (US$4.38B) Stash, and It's Already Encouraging Bids
Oct 09, 2024 at 01:44 pm
Just when it feels like things are picking back up again, governments just have to take all the fun away. This time, it's the US government's turn.
The United States Supreme Court has declined to review a case over the ownership of 69,370 Bitcoin (BTC) confiscated by the US government from the Silk Road dark web marketplace.
The cryptocurrency, currently valued at approximately US$4.38B (AU$6.51B), could be sold by the government, which has already invited bids for the massive amount of BTC.
Battle Born Investments, a company claiming to have purchased rights to the Bitcoin through a bankruptcy estate, had its claims rejected by both a district court in 2022 and an appeals court in 2023. A San Francisco appellate judge dismissed the case, stating that Battle Born lacked a valid claim to the BTC.
The Supreme Court’s refusal to hear the case leaves the lower court rulings intact, making it more likely that the US government will be able to carry out its civil forfeiture action.
According to reports, the government has already moved around US$2B (AU$2.97B) in BTC tied to the Silk Road case, using Coinbase Prime for custody.
The #USgovernment now appears free to sell 69,370 $BTC($4.33B) confiscated from #SilkRoad Individual X.
On Oct. 7, the U.S. Supreme Court declined to hear Battle Born Investments' case over the ownership of 69,370 $BTC($4.33B) seized from #SilkRoad, giving the government full… pic.twitter.com/GipGCOpxq9
Meanwhile, BTC opened October with an 8% correction, although the coin has since picked up its pace again. It is currently priced at US$62,305 (AU$92,635), up 1.37% in the last seven days.
Historically, large government sales of Bitcoin have led to instability in the crypto market, putting pressure on BTC’s price as massive sell-offs occur, which are often abrupt, not gradual, and I’m not sure which one is worse.
For instance, when the German government sold nearly 50,000 Bitcoin in mid-2024, it did so in batches until it completely got rid of its BTC stash. Every batch caused more fear and uncertainty than the previous one, and the market experienced significant fluctuations, pushing BTC’s price below US$60K (AU$89.2K).
In other news, a recent HBO documentary has attempted to uncover the true identity of Satoshi Nakamoto, suggesting that early Bitcoin developer Peter Todd could be the pseudonymous creator.
And finally, Republican presidential candidate Donald Trump has proposed creating a Bitcoin strategic reserve if he is elected.
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