The US may sell 69,370 Bitcoin
To put this possible sale into perspective, 69,370 $BTC is worth some $4.4 billion!
🔴 The US Supreme Court has allowed authorities to sell 69,370 Bitcoins seized from the Silk Road dark web marketplace.
🔴 The court dismissed a lawsuit from Battle Born Investments, which tried to claim rights to these assets.
🔴 Earlier, Donald Trump promised not to sell the cryptocurrency and to create a strategic reserve if he wins the election on November 5. He also wants to grant amnesty to Ross Ulbricht from Silk Road.
👀 I worry about this. Offloading this amount of BTC could literally undo all the months of hard work. Previously, when the US wanted to sell confiscated Bitcoin, they did deals with private buyers at a subsidised rate, so as to not crash the markets.
🇩🇪 Germany has previously sold 50,000 $BTC and this sale offers a rough idea of what to expect if the US sells this Bitcoin. The European country’s impact of this sale was certainly felt in the market.
🐳 Big issue is that once news breaks the U.S. have moved BTC from its wallet would immediately trigger a reaction from whales if it was thought there was going to be a major sale. Then we’d see a major dump in the market.
🙏 Let’s hope the U.S. are smart and don’t take this approach by dumping $4.4b of $BTC onchain… 😳
