SC clears path for US to sell $4.4 billion in seized Silk Road Bitcoin

[stadus]

Another news  that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?

The Supreme Court's decision allows the US to sell 69,370 seized Silk Road Bitcoin, setting up one of the largest Bitcoin auctions in history.

Key Takeaways
Supreme Court paves way for US to sell $4.4 billion in Silk Road Bitcoin.
Battle Born loses appeal as US preps for largest seized Bitcoin auction in history.

The US Supreme Court has declined to hear an appeal regarding the ownership of 69,370 Bitcoin seized from the infamous Silk Road marketplace. This decision paves the way for the US government to move forward with selling the $4.4 billion worth of BTC.

The decision effectively upholds a 2022 ruling by the US District Court for the Northern District of California, which ordered the government to liquidate Bitcoin under existing laws.

The case, brought by Battle Born Investments, argued that the company had acquired rights to the Bitcoin through a bankruptcy estate connected to the Silk Road. Battle Born claimed that the Bitcoin was stolen by an individual known as “Individual X,” who allegedly took the funds from Silk Road.

Read in full --- https://cryptobriefing.com/supreme-court-silk-road-bitcoin/

[hd49728]

Another news  that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?

Short term, price will be affected and fall down but in long term, it will recover well because Bitcoin trading volume now is 420,000 BTC in the last 24 hours according to Coinmarketcap.

I would be unrealistic if I say price will not be affected when US. government sell those bitcoins, but I am optimistic that Bitcoin will strong enough to recover from it. A warning to leverage enthusiasts is, with such news, now and in future with actual sale waves, price will be very volatile and if they use leverages with open positions in such time, they will be liquidated and lose money.

I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.

Trump floats paying off $35T national debt using Bitcoin

“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion."

[icalical]

This sale of $4.4B of Bitcoin may temporarily shake the price action of Bitcoin but is highly unlikely to wreak havoc for the long term. Looking back when governments have sold large quantities of Bitcoins, for example by the US, the market somehow always manages to absorb the additional supply after a period of time. Demand would remain strong in Bitcoin because the institutional interest and adoption by large players is still prevalent. Of course, there might be some downward pressure at this point in time, but overall, demand would remain strong.

https://bitcoinmagazine.com/markets/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows

Besides that, Bitcoin's current price level is holding up above $62,000 amidst the uncertainty. I think currently key support levels seem intact, and unless something drastically shakes market confidence, a slide below $60,000 isn't assured. While some short-term volatility is possible, I believe these sales as a positive, that even after government auctions, Bitcoin continues to retain value.

[Lucius]

People panic with everything that has to do with the US in relation to BTC, I have no doubt that this event will also have its short-term consequences. Even if the price drops by 10% or more, it will only be a good opportunity for all those who want to buy cheaper, so I don't see this as anything but a possible good opportunity.

However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.

[stadus]

I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.

They haven’t announced it yet, but historically, it’s done in a staggered manner, so it probably won’t impact the market much. If we see a temporary market dump, it’s likely due to some people speculating that selling will trigger a drop.

Trump floats paying off $35T national debt using Bitcoin

“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion."

Crypto check? Does that even exist? Trump’s statements just show he hasn’t fully grasped Bitcoin yet. It’s way safer if they just send payments directly to a specific address, no need for this “crypto check” nonsense.

[Ambatman]

People panic with everything that has to do with the US in relation to BTC, I have no doubt that this event will also have its short-term consequences. Even if the price drops by 10% or more, it will only be a good opportunity for all those who want to buy cheaper, so I don't see this as anything but a possible good opportunity.

However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.

It's going to be via a Auction as they have done before
I think the minimum amount allowed for the auction is $200K
Maybe BlackRock and others would take it as an opportunity to buy cheaper
But am sure the market would react but I'm not sure by how much.

This would temporary affect the price not to mention the election around the corner and Iran and Israel War
By things should be settled before December.

[Die_empty]

Another news  that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?

The Supreme Court gave a judgement that the seized Bitcoin should be forfeited to the state. There has been a legal battle concerning the ownership of the coin, so the court just made the US government the owner of the Bitcoin. There is no news that the US is about to auction the coins after all, they have more than that in their coffers. It is possible they might not want to sell it since Bitcoin is now a major factor in the current election. The Bitcoin market is used for this dump by the government. It will affect it slightly, but the market will always recover and readjust.

[MeGold666]

The Supreme Court gave a judgement that the seized Bitcoin should be forfeited to the state. There has been a legal battle concerning the ownership of the coin, so the court just made the US government the owner of the Bitcoin. There is no news that the US is about to auction the coins after all, they have more than that in their coffers. It is possible they might not want to sell it since Bitcoin is now a major factor in the current election. The Bitcoin market is used for this dump by the government. It will affect it slightly, but the market will always recover and readjust.

I wouldn't be surprised if they dumped it only after releasing their own CBDC along with putting down Tether scam.

[Z-tight]

We cannot talk about BTC price dropping just yet, we do not know when they will auction off the BTC's or if they will sell it over the counter. I'll not worry so much about this news, it was obvious that Battle Born was never going to win the case, so no surprise that the supreme court declined to hear about it. However, even if they dump it and it affects the price, it will only be temporary, this isn't the first time the U.S. or other governments will dump confiscated BTC, the price will surely pump after a short time.

[MeGold666]

...the price will surely pump after a short time.

I wouldn't be sure about anything concerning cryptocurrency prices 

[shield132]

People panic with everything that has to do with the US in relation to BTC, I have no doubt that this event will also have its short-term consequences. Even if the price drops by 10% or more, it will only be a good opportunity for all those who want to buy cheaper, so I don't see this as anything but a possible good opportunity.

However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.

Do you remember Hashocean? It was a very popular scam Bitcoin cloud mining website that lasted for a very long time, people even sold houses, bought Bitcoins and invested in Hashocean and then when they collected the most investments, they disappeared. I remember that they collected so many Bitcoins that their sell-off affected Bitcoin's price in 2016.

If Hashocean affected Bitcoin's price, this 4.4 billion sell-off will have a significant negative effect on price. 900 Bitcoins are mined per day, the US is selling number of coins that will be mined in 77 days with current block reward. The short-term negative effect is definitely here but if they decide sell, it's a very good signal for holders to sell Bitcoin immediately and wait for the dip because there should be a good deep and recovery will definitely be fantastic because the post halving effect will be in action in a few months.

Btw I bet that their CEX of choice will be Coinbase.

[stompix]

I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.

Trump floats paying off $35T national debt using Bitcoin

“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion."

Yeah, everything will change if Trump gets elected because he is so Bitcoin friendly and he knows so much about Bitcoin that he thinks he signs checks with Bitcoins on it! The guy is a total moron and everyone believing in his plan about Bitcoin should go and check that wall at the border that he build and made Mexico pay for it 8 years ago!

There is no news that the US is about to auction the coins after all, they have more than that in their coffers. It is possible they might not want to sell it since Bitcoin is now a major factor in the current election.

The decision is giving the ok to the USMC to proceed with the sale, they had that since 2022 with a ruling by a US District Court, it's just that. Battle Born though they have a case because of a bankruptcy case on the Silk Road funds, with that denied the USMC will have to sell their coins as they were instructed two years ago!

[coolcoinz]

Events like this always make me ask, why are they selling? Back in the day when they had coins, they'd put them on auction and people would simply send them a million OTC and get the coins to their wallets.

Nowadays suddenly everybody is selling on centralized exchanges, the way Germany recently did. Why impact the spot price by selling a large % of supply and get less money when you can make people bid for it? Makes no sense.

I don't think it's going to be a big deal because we've been dealing with these seizure sales for years, but the market is over leveraged now, much more than it used to be 2 or 3 years ago. You can see leveraged degenerates getting liquidated as we speak.

[Z-tight]

...the price will surely pump after a short time.

I wouldn't be sure about anything concerning cryptocurrency prices 

That's your decision, though it is one that i share about most cryptocurrencies, except BTC. BTC is not just any cryptocurrency, yeah altcoins dump and they never pump again, it happens a lot of times; but BTC has its real world use cases: utility, so that is why i am sure that if it dumps, it will pump again and it has happened so many times for me to believe that it will happen again.

[yhiaali3]

Crypto check? Does that even exist? Trump’s statements just show he hasn’t fully grasped Bitcoin yet. It’s way safer if they just send payments directly to a specific address, no need for this “crypto check” nonsense.

Yes this is really ridiculous, I was also surprised when I read this phrase: "crypto check" !!! This man does not know anything about Bitcoin and cryptocurrencies.

This is not the first time he has shown his ignorance about Bitcoin and cryptocurrencies, recently when Trump tried to show off to voters and buy a burger using Bitcoin and appeared in front of the cameras like an idiot as his assistants did everything and he did nothing but smile in front of the camera, he does not even know how to scan QR on the mobile as it appears from the video
https://www.youtube.com/watch?v=kvK2r313_XY

[Lucius]

Do you remember Hashocean? It was a very popular scam Bitcoin cloud mining website that lasted for a very long time, people even sold houses, bought Bitcoins and invested in Hashocean and then when they collected the most investments, they disappeared. I remember that they collected so many Bitcoins that their sell-off affected Bitcoin's price in 2016.

Sounds familiar to me, although in the past 8 years there have been so many scams related to cryptocurrencies that someone could write a very extensive book about them. However, given that the price of 1 BTC in mid-2016 was around $400 (if my memory serves me well), and that by the end of the year it had more than doubled, I would not say that the scam had any significant impact on the price of BTC.

If Hashocean affected Bitcoin's price, this 4.4 billion sell-off will have a significant negative effect on price. 900 Bitcoins are mined per day, the US is selling number of coins that will be mined in 77 days with current block reward. The short-term negative effect is definitely here but if they decide sell, it's a very good signal for holders to sell Bitcoin immediately and wait for the dip because there should be a good deep and recovery will definitely be fantastic because the post halving effect will be in action in a few months.

You miscalculated a bit, it's not 900 BTC (approximately) per day, but only 450 BTC considering that the mining reward was reduced by 50% at the last halving from 6.25 per block to 3.125 per block. In addition, I think that about $4 billion worth of BTC will not have any significant effects on the price, because not so long ago we had $3 billion worth of BTC sold by the Germans and no disaster happened.

Btw I bet that their CEX of choice will be Coinbase.

Very likely, it is no secret that CEX has very good relations with the US authorities.

[stadus]

Crypto check? Does that even exist? Trump’s statements just show he hasn’t fully grasped Bitcoin yet. It’s way safer if they just send payments directly to a specific address, no need for this “crypto check” nonsense.

Yes this is really ridiculous, I was also surprised when I read this phrase: "crypto check" !!! This man does not know anything about Bitcoin and cryptocurrencies.

This is not the first time he has shown his ignorance about Bitcoin and cryptocurrencies, recently when Trump tried to show off to voters and buy a burger using Bitcoin and appeared in front of the cameras like an idiot as his assistants did everything and he did nothing but smile in front of the camera, he does not even know how to scan QR on the mobile as it appears from the video
https://www.youtube.com/watch?v=kvK2r313_XY

Don’t trust too easily, you know how elections are coming up, and they’re just trying to win over crypto users. Although he might not be super familiar with using Bitcoin for transactions, if he sticks to his word about being crypto-friendly, that could still work out in our favor. We just need to understand that he’s not so tech-savvy, you know.

[fuguebtc]

Yes this is really ridiculous, I was also surprised when I read this phrase: "crypto check" !!! This man does not know anything about Bitcoin and cryptocurrencies.

This is not the first time he has shown his ignorance about Bitcoin and cryptocurrencies, recently when Trump tried to show off to voters and buy a burger using Bitcoin and appeared in front of the cameras like an idiot as his assistants did everything and he did nothing but smile in front of the camera, he does not even know how to scan QR on the mobile as it appears from the video
https://www.youtube.com/watch?v=kvK2r313_XY

Don’t trust too easily, you know how elections are coming up, and they’re just trying to win over crypto users. Although he might not be super familiar with using Bitcoin for transactions, if he sticks to his word about being crypto-friendly, that could still work out in our favor. We just need to understand that he’s not so tech-savvy, you know.

Maybe he is not tech savvy and doesn't know how to use bitcoin well but don't forget he is 78 years old and not young like us. What we should pay more attention to is that the people around him all know about bitcoin and they seem to be bitcoin supporters, which is evident when his manager replaced him to pay in bitcoin.

Even if he knows nothing about bitcoin, as long as his administration has politicians who like bitcoin, it makes us optimistic and believe that under his tenure, we will be better. That would certainly be much better than a leader who not only knows nothing about bitcoin but is hostile to it.

[Gladitorcomeback]

Maybe he is not tech savvy and doesn't know how to use bitcoin well but don't forget he is 78 years old and not young like us. What we should pay more attention to is that the people around him all know about bitcoin and they seem to be bitcoin supporters, which is evident when his manager replaced him to pay in bitcoin.

Even if he knows nothing about bitcoin, as long as his administration has politicians who like bitcoin, it makes us optimistic and believe that under his tenure, we will be better. That would certainly be much better than a leader who not only knows nothing about bitcoin but is hostile to it.

No offense but I don't see any reason for anyone to trust the people around a politician when you can't trust the politician himself. I don't say that Trump is doing all this only for the elections, even though I do have a feeling about it, but all I'm saying is that it is possible, and if he is doing it only for the elections and to gain support from Bitcoin and cryptocurrency supporters, he will surely advise people around him to show that they are crypto-friendly and that they like Bitcoin and cryptocurrencies only to win people over.

That being said, just like Bitcoin's price, we can only speculate about this until he manages to get elected and show us what's real and what's fake. Until then, we can only make assumptions and think about what we feel about the situation and their thoughts within. Politicians tend to be good actors, but just like others, I hope he isn't acting.

[fuguebtc]

Maybe he is not tech savvy and doesn't know how to use bitcoin well but don't forget he is 78 years old and not young like us. What we should pay more attention to is that the people around him all know about bitcoin and they seem to be bitcoin supporters, which is evident when his manager replaced him to pay in bitcoin.

Even if he knows nothing about bitcoin, as long as his administration has politicians who like bitcoin, it makes us optimistic and believe that under his tenure, we will be better. That would certainly be much better than a leader who not only knows nothing about bitcoin but is hostile to it.

No offense but I don't see any reason for anyone to trust the people around a politician when you can't trust the politician himself. I don't say that Trump is doing all this only for the elections, even though I do have a feeling about it, but all I'm saying is that it is possible, and if he is doing it only for the elections and to gain support from Bitcoin and cryptocurrency supporters, he will surely advise people around him to show that they are crypto-friendly and that they like Bitcoin and cryptocurrencies only to win people over.

That being said, just like Bitcoin's price, we can only speculate about this until he manages to get elected and show us what's real and what's fake. Until then, we can only make assumptions and think about what we feel about the situation and their thoughts within. Politicians tend to be good actors, but just like others, I hope he isn't acting.

No, no politician is trustworthy and we do not need to trust and put our full faith in them. Our supporting and voting for them is just exchanging benefits with them, that's all. If you think Harris's policies will make your life better and vote for her, that means you and she are exchanging benefits. She needs your support to get elected, in return for voting for her, you have the opportunity to receive benefits from her administration's policies, we all have our own goals behind what we do. To me, elections and voting are like an exchange of needs and benefits.


You don't need to guess or have a hunch, what Trump does is just want to get more votes from voters. Many will call it deception and lies, which is true but that is the nature of politics and how politicians get votes and Harris is no different than Trump. That is not new and there is no need to speculate.
Voting in elections is like gambling and betting, we bet on where we think we will win.