It’s been just revealed that the US government has just transferred $2 billion in Bitcoin from Silk Road seized funds. Here are the latest reports.
US government transferred $2 billion in Bitcoin from Silk Road funds
On April 2, the US government transferred 30,175 Bitcoin (BTC) to a wallet connected to Coinbase, a crypto exchange platform.
The transfer took place when Bitcoin’s value was experiencing a significant dip, dropping to a weekly low of $64,500 per BTC before recovering above the $65,000 support level. ZachXBT, an on-chain analyst, brought attention to the initial test transaction on social media.
The transfer has raised several questions about the government’s plans for its digital asset holdings and has garnered significant attention from the crypto community.
The initial transaction included a test transfer of 0.001 BTC ($69) to a Coinbase address, suggesting meticulous planning.
Silkroad Bitcoin
In late 2022, the US government seized a batch of about 50,000 BTC that were associated with the Silk Road website. This website was a dark web marketplace that the FBI shut down in 2013.
Recently, blockchain analysis firm Arkham Intelligence has identified that the receiving wallet is part of Coinbase. This hints at a possible preparation for sale or exchange by the government.
The last major sale that the government publicly reported was in March 2023. At that time, it sold 9,861 BTC for approximately $216 million.
The US government’s strategy for its remaining Bitcoin holdings is unclear, which has the crypto community closely monitoring the effects of a substantial transfer, speculating on whether the BTC will be sold immediately or slowly over time.
NASDAQ also reported the news.
Bitcoin in the news
Not too long ago, I revealed that MicroStrategy’s Michael Saylor has recently addressed the legitimacy of Bitcoin and said that the king crypto could hit $1 million. Here’s the video in which he places the spotlight on BTC below.
“If #Bitcoin is not going to zero, it’s going to $1 million.” — @saylor 🙌 pic.twitter.com/Z0UuYIUsyr
— Bitcoin Magazine (@BitcoinMagazine) March 30, 2024
Someone commented: “Saylor’s outlook mirrors the binary potential of Bitcoin stagnation or astronomical success. In the volatile sea of crypto BTC remains the flagship daring to break traditional financial moorings.”
Bitcoin is just ahead of the halving event, and there are massive moves in the crypto industry thanks to the hype.