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US Moves $2 Billion of Silk Road Bitcoin

The US government transfers $2 billion in seized Bitcoin from Silk Road, following Trump’s promise to keep all confiscated BTC if elected.

1 min 19 secJuly 29, 2024July 29, 2024
US Moves $2 Billion of Silk Road Bitcoin

In a significant move, the United States government has transferred over $2 billion worth of seized Bitcoin linked to the Silk Road dark web marketplace to an unidentified wallet. This development comes just days after former President Donald Trump, a Republican candidate in the upcoming presidential election announced at the Bitcoin 2024 conference in Nashville his plan to create a national "strategic Bitcoin stockpile" if elected.

 

 

According to on-chain data from Arkham Intelligence, Bitcoin was moved shortly after Trump pledged that his administration would keep "100%" of seized Bitcoin and not sell any. This raises questions about the government’s intentions with transferred Bitcoin.

 

The timing of this transfer is intriguing. It aligns with Trump’s vow to maintain a strategic Bitcoin reserve. Could this be the first step towards his proposed policy? Trump’s promise has certainly stirred the crypto community. They are now keenly watching the government’s next move.

 

 

The Silk Road marketplace notorious for illegal activities, was shut down in 2013. The US government has since been seizing and auctioning off Bitcoin associated with it. This latest transfer, however, suggests a potential shift in strategy.

 

Will the US government sell transferred Bitcoin or will it align with Trump's proposed policy and hold onto it? The crypto world awaits further developments.

 

In conclusion, the US government’s $2 billion Bitcoin transfer from Silk Road assets comes at a pivotal moment in the political discourse surrounding cryptocurrency. With Trump's recent statements future handling of seized digital assets remains uncertain. This makes an area to watch closely.

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