US Government Moves $2 Billion in Silk Road Bitcoin

[Baofeng]

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.

[Kemarit]

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.

[Lucius]

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?

[MrSpasybo]

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.

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.

When Trump want to store BTC for the government budget, I really hoped that every satoshi that the US government had seized from criminals would not be moved and would become a small part of the US government's goal of storing 1M BTC in the future. At least until now, we have no reliable specific analysis of the possibility that the US government is selling off BTC as what the German government has done.

[yhiaali3]

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.

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.

[Z-tight]

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.

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.

[Gurujebs]

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.

This could only means that they are trying to silent Trump moves about Bitcoin campaign and the rest or it could also means that the government are trying to repeat what the German government did last month and they do it, this will only makes Bitcoin more centralized than the way they have centralized it in the past, they wouldn't have much says in it because they hold nothing again.

However, I'm not sure why government will sell Bitcoin when they have other major ways of making money, this should be a historical opportunity for them to hold Bitcoin forever, if they sell that amount of number, I'm not sure if they will be able to get it again unless they buy with government money.

[pakhitheboss]

snip.

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.

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.

Source

[Freemind]

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.

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.

Source

The hypocrisy of human beings has no limits... Now I'm starting to believe Trump and his latest statements in which, among other things, he said that he would grant freedom to the founder of Silk Road. Now, those who have always denied Bitcoin and cryptocurrencies see in them the salvation from problems created by themselves, while they have spent years persecuting and criticizing what they now want to use for their benefit.

What will be the next step, stop chasing and shut down Bitcoin mixers?. I don't know if I've ever said it, but in any case... The hypocrisy of human beings has no limits.

Thanks for the link to the article!

[pakhitheboss]

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.

[Freemind]

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.

Well, I have said that I believe in what he says, in his conviction, not in what he can say publicly to get more votes. That's why I think Trump now sees Bitcoin as an escape route from the collapse of the dollar. Politicians will always use everything in their power to avoid catastrophes like the one looming for the United States and the dollar. Now, faced with this future, they believe that Bitcoin can save an inevitable fall... We will see what happens in the coming months.

[MrSpasybo]

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.

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.

Currently, the market is being negatively impacted by fears of a global financial crisis following the Fed's dovish stance and the possibility of an interest rate cut in September. I hope that the US government will not sell off BTC at this time, at least I think they have more experience than the German government in dealing with BTC.

[Z-tight]

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.

[Kemarit]

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?

I agree, and probably this is the classic example of how good (or bad) Donald Trump is, he knows how to ride the popularity of crypto. As when he was still the sitting President, he didn't do anything during his tenure, although Biden did worst that him or at least his party is. So with this kind of another controversial statement, he might have open up again those crypto enthusiast to vote for him. But we all know that Bitcoin is not the answer for the world's problem, it could be an hedge during financial difficulty, but to say that they can pay their debt with Bitcoin reserves, it's obvious that Trump is really a great politician taking advantage of it.

[UNIVERSE]

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.