Just days after Trump vowed that the U.S. would "keep 100%" of seized Bitcoin if elected, the government just moved $2 billion in BTC tied to Silk Road.
The United States government moved just over $2 billion worth of seized Bitcoin connected to the Silk Road dark web marketplace to a new, as yet unidentified wallet, according to on-chain data shared by Arkham Intelligence.
It’s not yet known whether the United States plans to sell today’s transferred Bitcoin. Decrypt reached out to the U.S. Department of Justice for comment and clarification, but did not receive an immediate response.
Today, the U.S. Marshals Service (USMS), an agency within the U.S. Department of Justice that is responsible for asset forfeiture, announced that it selected Coinbase Prime to provide custody and advanced trading services for the agency’s “Class 1” (large cap) digital assets, which it manages centrally in support of federal law enforcement. The USMS conducted a competitive due diligence process that evaluated a range of solutions, ultimately choosing Coinbase due to our strong track record and ability to securely provide institutional-grade crypto services at scale.
Do you think that soon this BTC worth at least $2 Billion will be sold on the market or you think that this is just a normal movement for other reason?
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Do you think that soon this BTC worth at least $2 Billion will be sold on the market or you think that this is just a normal movement for other reason? I am sure that in case it will be sold, it can create some impact on the market and can surely stifle momentum for BTC to go beyond the $70K level and maybe make a new ATH. I am then seeing the possibility of another Germany or MtGox effect to some degree...
Does anyone know if the government should disclose the sale?
Does anyone know if the government should disclose the sale?
All the branches, the US Marshals and the Assets Forfeiture Management have reports and audits, they have to report to Congress also.
Things like this https://oig.justice.gov/sites/default/files/reports/24-018_0.pdf
But as they no longer hold auctions and use a contractor for digital assets then the judge in charge of the case has mandated them to liquidate, so nobody but the guys doing it will know the exact date and they have no obligation to announce them, at this point, it's a private contract, you know, their keys their coins :P
One of the analyses of these moves might be that this is just a political move by the old President Biden after Trump's statement about the reserve, maybe he wants to tell him that I am still in the White House and you do not own anything, also perhaps some senators who oppose Bitcoin want to sell the government's Bitcoin before Trump takes office.Lol, i don't believe it can be any of that and moving these coins has nothing to do with the forthcoming elections. If they are going to sell those coins soon, then they must have been mandated by law to liquidate it and i don't think it is up to the wishes of any single individual, nor their opposition to BTC.
Lol, i don't believe it can be any of that and moving these coins has nothing to do with the forthcoming elections. If they are going to sell those coins soon, then they must have been mandated by law to liquidate it and i don't think it is up to the wishes of any single individual, nor their opposition to BTC.So what is the purpose of moving these bitcoins at this time? If it is not for sale or for elections, then what is the purpose of transferring them to another wallet? Do you have another analysis?
Lol, i don't believe it can be any of that and moving these coins has nothing to do with the forthcoming elections. If they are going to sell those coins soon, then they must have been mandated by law to liquidate it and i don't think it is up to the wishes of any single individual, nor their opposition to BTC.So what is the purpose of moving these bitcoins at this time? If it is not for sale or for elections, then what is the purpose of transferring them to another wallet? Do you have another analysis?
I am saying this is just an analysis, nothing more. It may be correct or wrong, and there may be other reasons that we do not know. No one knows the real reason except the US government that transferred the coins. But this movement at this time seems strange in any case.
Do you think that soon this BTC worth at least $2 Billion will be sold on the market or you think that this is just a normal movement for other reason? I am sure that in case it will be sold, it can create some impact on the market and can surely stifle momentum for BTC to go beyond the $70K level and maybe make a new ATH. I am then seeing the possibility of another Germany or MtGox effect to some degree...or maybe the market will not anymore react to this development as it is already tired.
Do you think that soon this BTC worth at least $2 Billion will be sold on the market or you think that this is just a normal movement for other reason? I am sure that in case it will be sold, it can create some impact on the market and can surely stifle momentum for BTC to go beyond the $70K level and maybe make a new ATH. I am then seeing the possibility of another Germany or MtGox effect to some degree...or maybe the market will not anymore react to this development as it is already tired.
They have 35 trillion dollars in debt and the share market is already crashing. They will surely use this opportunity to sell those Bitcoins and bleed the cryptocurrency market. Looks somewhat similar to Germany when they sold Bitcoin to recover the illegal money. What makes it laughable is that these countries were against Bitcoin and now they are dependent on it. Bitcoin will easily hold on as the ETF inflow is good but I do not think it will be as recession is on the way.
Do you think that soon this BTC worth at least $2 Billion will be sold on the market or you think that this is just a normal movement for other reason? I am sure that in case it will be sold, it can create some impact on the market and can surely stifle momentum for BTC to go beyond the $70K level and maybe make a new ATH. I am then seeing the possibility of another Germany or MtGox effect to some degree...or maybe the market will not anymore react to this development as it is already tired.
They have 35 trillion dollars in debt and the share market is already crashing. They will surely use this opportunity to sell those Bitcoins and bleed the cryptocurrency market. Looks somewhat similar to Germany when they sold Bitcoin to recover the illegal money. What makes it laughable is that these countries were against Bitcoin and now they are dependent on it. Bitcoin will easily hold on as the ETF inflow is good but I do not think it will be as recession is on the way.
It could be but it's very wrong at this point. They have been selling though, and as we can see the price hits $61k, and for a bulls, this doesn't look good for them.
But we can't really stop the US government by selling their Bitcoins and then crashing the market. And if this is their intention then we should be buying more and take advantage of the situation.
Of course we can't stop them from dumping, but if they are going to sell to pay their $35 trillion debt, then their bitcoin is not enough to cover that. It might be good though if Trump becomes the President and then Hold Bitcoin as a reserved and then sell at the right time.
That will be the perfect scenario for the US government, unfortunately, they have made their decision already to sell this month as we can that they are moving lots of Bitcoins to different wallet to different exchanges.
So what is the purpose of moving these bitcoins at this time? If it is not for sale or for elections, then what is the purpose of transferring them to another wallet? Do you have another analysis?These BTC belong to government assets and cannot be used for the election campaigns of any candidates. I cannot guess the real purpose of this move, perhaps only a few people truly know the fate of these BTC. All speculations are just for fun, we need more on-chain data to know if these BTC will be sold on the OTC market in the future.
I am saying this is just an analysis, nothing more. It may be correct or wrong, and there may be other reasons that we do not know. No one knows the real reason except the US government that transferred the coins. But this movement at this time seems strange in any case.
These BTC belong to government assets and cannot be used for the election campaigns of any candidates. I cannot guess the real purpose of this move, perhaps only a few people truly know the fate of these BTC. All speculations are just for fun, we need more on-chain data to know if these BTC will be sold on the OTC market in the future.Of course, government assets cannot be used in the election campaign, but the timing of the transfer after Trump's speech is what raised surprise and speculation. Perhaps the timing is just a coincidence, no one knows.
So what is the purpose of moving these bitcoins at this time? If it is not for sale or for elections, then what is the purpose of transferring them to another wallet? Do you have another analysis?I don't know what the exact reason is, i only disagreed with your last post because Biden cannot just decide to liquidate or move these coins because of what Trump said, neither can senators decide to sell coins before Trump takes office, if he wins, that is what you said, and i don't think it works that way.
Of course, government assets cannot be used in the election campaign, but the timing of the transfer after Trump's speech is what raised surprise and speculation. Perhaps the timing is just a coincidence, no one knows.
We also do not have enough information yet about the US government's intentions behind this transfer, but certainly in the coming days or months everything will become clear, whether there is a sale or not.
snip.
Crypto is a very interesting thing," Trump told Fox Business. "Maybe we'll pay off our $35 trillion dollars, hand them a little crypto check, right? We'll hand them a little bitcoin and wipe out our $35 trillion.
New statement from Trump makes me think what exactly he is going to do after becoming the President of the US. I am quoting his statement below.QuoteCrypto is a very interesting thing," Trump told Fox Business. "Maybe we'll pay off our $35 trillion dollars, hand them a little crypto check, right? We'll hand them a little bitcoin and wipe out our $35 trillion.
Source (https://www.forbes.com/sites/digital-assets/2024/08/03/donald-trump-proposes-radical-plan-to-pay-off-35-trillion-in-national-debt-and-beat-china/)
snip..
I always new this guy is just showing off that he is in favour of Bitcoin but actually he has something else in his mind. Never believe in what a politician promises in his campaign. Such promises are only made to fool civilians and gain power.
Of course, government assets cannot be used in the election campaign, but the timing of the transfer after Trump's speech is what raised surprise and speculation. Perhaps the timing is just a coincidence, no one knows.As I've presented, perhaps someone wanted to undermine Trump's credibility by moving BTC immediately after his speech. However, this is still just a conspiracy theory, and we can hardly be sure of anything.
We also do not have enough information yet about the US government's intentions behind this transfer, but certainly in the coming days or months everything will become clear, whether there is a sale or not.
I always new this guy is just showing off that he is in favour of Bitcoin but actually he has something else in his mind. Never believe in what a politician promises in his campaign. Such promises are only made to fool civilians and gain power.I don't believe politicians and i have so many reasons not to believe them. I see it that so many people now believe that Donald Trump will be a 'crypto president', but we cannot be sure of that, and from where i see it, he is just using BTC to campaign and i don't want that for BTC.
Of course we can't stop them from dumping, but if they are going to sell to pay their $35 trillion debt, then their bitcoin is not enough to cover that. It might be good though if Trump becomes the President and then Hold Bitcoin as a reserved and then sell at the right time.
That will be the perfect scenario for the US government, unfortunately, they have made their decision already to sell this month as we can that they are moving lots of Bitcoins to different wallet to different exchanges.
I don't know how people even come up with such ideas - so how are you going to solve a debt of several tens of trillions of dollars by selling something worth $2 billion - it's like trying to plug a hole 1 mile in diameter with a grain of sand, literally.
Even if Donald Do Not Trust became president and by some magic managed to push through the law about BTC becoming part of their reserves, I don't know how that would be a perfect scenario? Their debt cannot be fixed by anything other than a miracle, and miracles don't happen every day, do they?
So what is the purpose of moving these bitcoins at this time? If it is not for sale or for elections, then what is the purpose of transferring them to another wallet? Do you have another analysis?They may move the Bitcoin to a safer wallet, sometimes it is needed to change the wallet due to a certain reason. I'm very sure US government is very aware of the security of the Bitcoin. I also doubt if they want to sell the Bitcoin at this time, it is not the good price for selling Bitcoin. They won't sell the Bitcoin when the price is decreasing a lot. I guess the only reason to move the Bitcoin is to move it to more secure wallets.
They are probably going to sell it at an auction as they regularly do, as decided by law. However, if truly they want to sell all BTC's before Trump gets into office, if he wins, then they have to start selling massively now, because they hold a lot of coins, and who know what it will do to the price of BTC.Yes, that's right, I hope they don't intend to sell these large quantities because it will definitely lead to further decline in the market, I hope the transfer is for security reasons or just routine procedures.
Yes, that's right, I hope they don't intend to sell these large quantities because it will definitely lead to further decline in the market, I hope the transfer is for security reasons or just routine procedures.Currently, BTC price has dropped to $52K due to the negative market sentiment. I dare not imagine a scenario where the US government announces its intention to liquidate a large portion or all of the BTC seized from criminals. This could significantly damage Trump's reputation and, more importantly, cause a severe crash in the crypto market, requiring a long time to recover and grow.
So far they haven't sold and this is a good sign, personally I hope the US government adopts Trump's position in keeping the Bitcoin it owns as a strategic reserve like gold because this will strengthen the position of Bitcoin.
So far they haven't sold and this is a good sign, personally I hope the US government adopts Trump's position in keeping the Bitcoin it owns as a strategic reserve like gold because this will strengthen the position of Bitcoin.I don't know if the U.S can hold BTC as a strategic reserve, i know Trump said that in his speech at the BTC conference and it has also been proposed by senator Cynthia Lummis, however, i don't believe the U.S will do that, neither will the Feds agree, even if Donald Trump wins.
Currently, BTC price has dropped to $52K due to the negative market sentiment. I dare not imagine a scenario where the US government announces its intention to liquidate a large portion or all of the BTC seized from criminals. This could significantly damage Trump's reputation and, more importantly, cause a severe crash in the crypto market, requiring a long time to recover and grow.Fortunately Bitcoin has now risen a bit to 54K after almost dropping to around 50K in the biggest drop during the last rally, I don't know what the real reasons behind this big correction are but it's good that it only lasted for a short period.
I don't believe politicians and i have so many reasons not to believe them. I see it that so many people now believe that Donald Trump will be a 'crypto president', but we cannot be sure of that, and from where i see it, he is just using BTC to campaign and i don't want that for BTC.