- The US Supreme Court declined to review a case involving 69,370 Bitcoin (worth around US$4.38B), seized by the government from the Silk Road marketplace.
- The US government may now proceed with selling the seized Bitcoin, potentially impacting the market with abrupt sell-offs.
- Historically, large government Bitcoin sales have caused instability in the crypto market, with similar sell-offs by the German government pushing BTC prices below US$60K in mid-2024.
Just when it feels like things are picking back up again, governments just have to take all the fun away. This time, it’s the US government’s turn.
The United States Supreme Court has declined to review a case involving the ownership of 69,370 Bitcoin, valued at approximately US$4.38B (AU$6.51B), which the US government seized from the Silk Road dark web marketplace.
And what’s the problem? Well, the government might just sell it, and they’re already encouraging bids. I think that calling it a “massive amount” is an understatement.
Related: Will Bitcoin Explode or Plunge? “Uptober” Hangs in the Balance!
Case Background
Battle Born Investments, the company seeking ownership of the Bitcoin, argued that it had purchased rights to the cryptocurrency through a bankruptcy estate. However, both a district court in 2022 and an appeals court in 2023 rejected these claims. A San Francisco appellate judge dismissed the case, stating that Battle Born lacked a valid claim to the Bitcoin.
The judge’s refusal to hear the case leaves the lower court rulings intact, making it more likely that the US government will successfully carry out its civil forfeiture action. The government has already moved around US$2B (AU$2.97) in BTC tied to the Silk Road case, using Coinbase Prime for custody.
Government Bears
BTC opened October with an 8% correction. However, the coin has managed to pick up its pace again. It is currently priced at US$62,305 (AU$92,635), up 1.37% in the last seven days.
Historically, large government sales of Bitcoin have led to instability in the crypto market, putting pressure on BTC’s price as massive sell-offs occur, which are often abrupt, not gradual, and I’m not sure which one is worse.
For instance, when the German government sold nearly 50,000 Bitcoin in mid-2024, it did so in batches until it completely got rid of its BTC stash. Every batch caused more fear and uncertainty than the previous one, and the market experienced significant fluctuations, pushing BTC’s price below US$60K (AU$89.2K).
Related: HBO Documentary Reveals Who’s Behind Bitcoin, Claims Peter Todd is Satoshi Nakamoto
While the US government seeks to sell its BTC stash, Republican presidential candidate Donald Trump has proposed creating a Bitcoin strategic reserve.
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