American government plans to sell approx 3,000 Bitcoin amid this Bitcoin bull phase
The United States government decided to sell a very large amount of Bitcoin, seized from a Silk Road agent.
No doubt that the United States (US) is a centric region for innovative startups and also over the years the majority of the top crypto projects started in America but nowadays the majority of the crypto companies are struggling in the US because the financial regulators of America are forcibly regulating the crypto sector under traditional rules & laws, which are even not applicable perfectly.
Since 2020, the US enforcement agencies successfully attacked illegal Bitcoin-related activities e.g. drug dealing, human trafficking, and ransomware attacks and successfully seized a total of 200,000 Bitcoins, worth more than $5.5 billion.
In the latest, a new filing in the US district court showed that the government intends to sell 2,933 BTC, which was seized from a Silk Road agent.
Silk Road was a dark web website which was used by bad actors to trade illegal activities for Bitcoin e.g. drug dealing, contract killing, hacking, fake documents selling, etc. Some people believe that the Silk Road is still active but with other pseudonyms.
Notably, this is only a filing but a decision on this filing will come in within the next 60 days. Sadly they didn’t mention the way they will use it to sell Bitcoin.
In Q1 2023, the US government sold 9,861.17 BTC for $216 million. The court filing also revealed that they would sell 41,000 BTC in four phases in the same year but it seems that they slowed down their fast liquidation plan.
In Q4 2023, Many reports claimed that the US government planned to sell huge amounts of Bitcoin. At the time Coinbase CEO Brian Armstrong invited the US government to sell the seized Bitcoins to the exchange so that Coinbase could secure some more Bitcoins without impacting the natural trade price of Bitcoin.
Currently, Coinbase holds nearly 2 million Bitcoins, which is a very big number.
Read also: Cardano (ADA) tops in the crypto Jan 2024 in terms of development activity again
