US To Sell 69K Bitcoin Worth $6.5 Billion From Silk Road Before Trump Takes Over

DoJ Prepares to Liquidate 69,370 Bitcoin from Silk Road Seizure

The U.S. Department of Justice (DoJ) is gearing up to sell 69,370 Bitcoin (BTC) seized from the infamous Silk Road darknet marketplace. The current value of these Bitcoins is estimated to be over $6.5 billion. This decision comes after a prolonged legal battle and a court ruling that granted the DoJ full ownership of the seized assets.

Legal Battle Over Silk Road Bitcoin Ends in DoJ’s Favor

The legal dispute over the ownership of the seized Bitcoin involved Battle Born Investments, which claimed rights to digital assets through a bankruptcy estate.

However, the court dismissed these claims, allowing the DoJ to proceed with the sale. According to DB News, the court’s decision was influenced by the volatility of Bitcoin’s price, prompting the DoJ to act swiftly.

Impact on the Cryptocurrency Market

The announcement of the sale has stirred concerns in the cryptocurrency market, with fears of a potential price dip. Bitcoin briefly dropped to $92,800 following the news but has since rebounded above $94,000.

Despite these fluctuations, experts believe the market can absorb the sale without major disruptions. CryptoQuant CEO Ki Young Ju reassured investors, stating that the market’s capacity to handle significant sales was demonstrated last year with an influx of $379 billion.

The Strategic Timing of the Sale

The timing of the sale is notable, as it is set to occur just weeks before the new administration takes office. President-elect Donald Trump has expressed opposition to the government’s practice of selling confiscated Bitcoin, advocating instead for holding these assets to achieve greater returns. This sale will leave the U.S. government with 133,369 BTC, valued at over $130 billion.

Sale Before Trump Takes over

Two weeks before Donald Trump’s inauguration as the 45th U.S. president, the U.S. government plans to sell a significant amount of confiscated BTC. Trump has pledged to stop this practice.

Currently, the U.S. holds 203,239 BTC, including 69,370 BTC in an untouched wallet that has been in government possession for four years.

After Trump takes office, the U.S. will still have 133,369 BTC, valued at over $130 billion.

While Western governments have been selling confiscated Bitcoin, Trump has pushed for holding these assets to achieve greater returns.

For example, Germany sold 50,000 BTC last year when the price was below $50,000.

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