US To Dump 69K BTC From Silk Road Before Donald Trump Takes Over

Key Takeaways

• The U.S. DoJ is set to sell 69,370 BTC worth over $6.5 billion after court approval.
• The approval comes just weeks before Donald Trump takes office.
• A year-long ownership dispute preceded the court’s decision.

The U.S. Department of Justice (DoJ) is preparing to sell 69,370 Bitcoin (BTC)  seized from the Silk Road darknet marketplace, with a current value of over $6.5 billion.

U.S. Judge Clears Path for $6.5 Billion Sale

The ruling  comes after a year-long dispute with Battle Born Investments, which had asserted ownership of the Bitcoin through a bankruptcy estate.

The investment group’s case faltered when it failed to reveal the identity of the person who surrendered the Bitcoin, which led to the court granting the DoJ full ownership.

Despite the controversy, the DoJ pressed for the immediate sale due to Bitcoin’s volatility, a request the court approved on Dec. 30.

The decision has stirred anxiety in the crypto market, with fears of a potential price dip.

However, CryptoQuant CEO Ki Young Ju sought to calm the waters, highlighting  that last year’s market influx of $379 billion demonstrated the sector’s capacity to absorb significant sales.

He reassured the community that the $6.5 billion sale could be managed within a week without major disruptions.

BTC Sale Before Trump’s Inauguration

The sale will happen just two weeks before Donald Trump’s inauguration as the 45th U.S. president, who has vowed to halt the government’s practice of selling confiscated BTC.

Currently, the U.S. holds 203,239 BTC, with 69,370 BTC in an untouched wallet that has been in government possession for four years.

Once Trump assumes office, the U.S. will still retain 133,369 BTC, valued at over $130 billion.

While governments in the West have been selling confiscated Bitcoin, Trump has advocated for holding these assets to achieve greater returns.

For instance, Germany sold 50,000 BTC last year when the price was below $50,000.