US Government Moves Over 29,799 Bitcoin (BTC) Worth $2,020,000,000 – Here’s Where It’s Headed
The US government has reportedly moved more than $2 billion worth of Bitcoin (BTC) seized from the illicit online marketplace known as the Silk Road.
The blockchain de-anonymizing platform Arkham Intelligence notes the government sent 10,000 BTC worth $669.35 million to one address and 19,800 BTC worth $1.33 billion to another.
Arkham says the coin shifting likely represents “a 10,000 BTC deposit to an institutional custody/service.”
The move comes as multiple presidential candidates outline their plans for the government’s Bitcoin holdings.
Former President Donald Trump said over the weekend that he plans to stop the government from selling off its seized BTC on the open market and would instead strategically hold the asset as an investment.
Independent presidential candidate Robert F. Kennedy said he’d sign an executive order on his first day in office directing the U.S. Department of Justice (DOJ) and the Marshals Service to transfer the Bitcoin in their possession to the Department of the Treasury for holding.
Kennedy also said he’d sign another executive order directing the US Treasury to purchase 550 Bitcoin daily until the US built a reserve of at least 4 million BTC.
Some crypto industry leaders blasted the US government for moving the seized Bitcoin. Galaxy Digital CEO Mike Novogratz called the move “tone deaf.”
Gemini co-founder Tyler Winklevoss pinned the blame for the development on President Joe Biden’s administration.
“On Saturday, Donald Trump pledged to never sell any of the US government’s bitcoin. Two days later, the Biden-Harris Administration moves $2 billion of Silk Road Bitcoin. Great look and great way to reset with our industry.”
Trump is currently polling at 44% nationally, Vice President Kamala Harris is polling at 43% and Kennedy is at 6%, according to The New York Times.
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Author: Conor Devitt
