@elearning
🏛 The US Government is Set to Sell 69,370 Bitcoins – Worth $6.5 Billion! Should We Panic?
1. Where Did These Bitcoins Come From?
This is the stash of Bitcoins confiscated from the Silk Road dark web marketplace – a notorious platform shut down by the FBI in 2013.
After a lengthy legal battle between the US Department of Justice (DOJ) and Battle Born Investments, the court has finally granted the DOJ permission to sell these Bitcoins.
2. Why Sell Them?
The DOJ stated that holding Bitcoin for too long risks a loss in value, so they decided to liquidate the assets. However, it remains unclear when and how the sale will take place.
It’s predicted that they will sell in smaller batches to avoid crashing the market. But with such a large amount, it’s bound to exert downward pressure on prices.
1 reply
0 recast
5 reactions