There has been some bullish news for Bitcoin in recent days. However, a recent Supreme Court ruling could dampen the mood, as the US government received permission to proceed with the sale of 69,370 BTC related to the Silk Road market. This is important because a selloff of this magnitude could put significant selling pressure on the flagship cryptocurrency.
Bitcoin News: US Government May Sell 69,000 BTC
The US government could soon sell more than 69,000 BTC after the Supreme Court rejected a credible motion in the Battle Born Investments case against the US. This Bitcoin news may have a negative impact on Bitcoin price. Such a sale would put significant selling pressure on the main cryptocurrency.
The case involved ownership of 69,370 Bitcoin ($4.4 billion) associated with the Silk Road Marketplace. The government had originally seized these coins from “Individual X” as part of a confiscation from dark web markets.
The Northern District of California also ordered the coins to be confiscated in 2022. However, the sale of these coins has been put on hold until now because Battle Born Investments has appealed to the Supreme Court to claim ownership of these coins.
The company, which purchased bankruptcy debts after Silk Road’s collapse, claimed that “Individual X” owned bitcoins stolen from dark web markets. However, the Supreme Court chooses not to hear Battle Borne’s appeal despite their claims to be the innocent owners of Silk Road property containing 69,370 BTC stolen by Individual X. did.
Supreme Court order gives green light to government
The U.S. Supreme Court’s denial of the petition for certiorari means that the Northern District of California’s forfeiture order remains the law. Therefore, this gives the government permission to sell these coins.
While Bitcoin news like this provides a bearish outlook for the flagship cryptocurrency, it is worth mentioning that there are still procedures that must be followed by federal marshals and other agencies seeking to liquidate these coins. There is.
Meanwhile, Democratic Congressman Ro Khanna said that instead of selling these Bitcoins, the US government should hold the seized Bitcoins as a strategic reserve asset. Republican presidential candidate Donald Trump has also promised to create a Bitcoin Strategic Reserve Fund if elected president. Given the amount of Bitcoin the US has from seizures, President Trump may take Khanna’s advice.
According to Bitcoin Treasury data, the United States is the largest holder of Bitcoin among world governments, holding 203,239 BTC. Interestingly, the majority of these coins come from the Silk Road market.
The potential Bitcoin news that the US government will sell one of these coins would be a reminder that the German government sold around 50,000 BTC from June to July earlier this year. This move sent the price of Bitcoin below $55,000 at the time.
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Boluwatife Adeyemi
Boluwatife Adeyemi is an experienced cryptocurrency news writer and editor who has covered topics spanning DeFi, NFTs, smart contracts, blockchain interoperability, and more, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easier for crypto beginners to understand. Outside of writing, he is an avid basketball fan and enjoys playing part-time.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
