The US govt to liquidate 69,000 BTC

[NeuroticFish]

it might also just be a legal process, for instance. if the pardon of the silk road owner does go through, then the us gov having his BTC means that they need to give them back. so disposing of them before the pardon means there is nothing to return as it legally was spent whilst the crimes were still valid

it might be bidens teams last attempt to not let trump have his cake and eat it. if trump is to pardon silkroads (currently incarcerated) owner, biden might not want trump to also have his btc to do a deal with the guy or hand them back to the guy

It's an interesting point. However, on a similar logic, in case of pardon, wouldn't be USofA bound to repay those coins anyway, i.e. buy them back (possibly more expensive)?!
I mean it's a huge amount. It's not like "oops, sorry, bad luck"; if the owner is entitled to get the coins back, they will be given, no matter what; the law is supposed to work like that.

All the muppets who said the USA would start a strategic bitcoin reserve, raise your hand.

You can consider me guilty if you want
However, I simply don't rule out the possibility; that doesn't mean I rely on that. I know that much on politicians...

I don't see why there should be some kind of urgency to sell these bitcoins

Exactly. It would be a shame if everybody will laugh on US for not learning anything from Germany's epic fail.

[Popkon6]

A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.  
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.

This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

We don't know for sure what the future holds, but if they do sell Bitcoin, it will definitely be after Donald Trump is sworn in. But in this Bitcoin market, the big institutions are definitely holding Bitcoin for the long term, but yes, we definitely believe that Bitcoin will hit its highest Bitcoin price in a four-year cycle.
 As has been proven this year and every year in the past, we can definitely suspect that the DOJ will definitely sell Bitcoin because if not now, then they will definitely sell Bitcoin in the future. This is not surprising because Donald Trump has released documents to deposit Bitcoin. But we will need to wait for some time after Donald Trump is sworn in to be sure about it

[bettercrypto]

A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.  
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.

This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

So it seems like they wanted the price of bitcoin to drop before President Trump's inauguration day. And when the price of Bitcoin dumps before the inauguration and the day of Trump's inauguration itself arrives and he says something positive about bitcoin reserves, the price of Bitcoin will suddenly pump up.

It seems like this is playing on my imagination, you know in this industry how fast the price of bitcoin can rise is also so fast that there will be a sudden correction to take liquidation.

[Zoomic]

Yes, I checked and no single BTC had been withdrawn from that wallet. Indeed, it's not good news. If we already dipped to this point when the said BTC hadn't even been touched, we can imagine what we happen when the market is flooded with it.

I see that many bitcoiners are particularly concerned about the effect such liquidation would have on bitcoin's price. It is normal for any serious investor who understands how large scale selling could trigger volatility to be worried over the after effects of such sales. However, this might not entirely be bad news for everyone. Many are patiently waiting for an entry point into bitcoin, a price dip would be a perfect opportunity for them.

But from what I've read so far, the court has only given a "go ahead" to sell, no bitcoin has been sold already.  Whatever reaction the market is having right now might be motivated by FUD and anticipation for the actual sales.

Again, looking at the timing of these whole order, I am convinced that this decision to sell is politically motivated to discourage the incoming government.

[Oshio-man]

I know that Joe Biden government officials will not be happy for this massive pump of bitcoin, because it has touched $108k since Trump won the election, and the bitcoin they are holding for some years has accumulate which it will reach  the government to establish some new projects to contribute to the growth of their economic, With this amount their bitcoins has accumulated to, I think it will give this new administration to make bitcoin a legal tender in the land of U.S because it will improve their economic that is heading to collapse, which the current administration will not allow such thing to happen to their economic than to use decentralized currency to correct the errors.

[Z-tight]

I know that Joe Biden government officials will not be happy for this massive pump of bitcoin, because it has touched $108k since Trump won the election, and the bitcoin they are holding for some years has accumulate which it will reach  the government to establish some new projects to contribute to the growth of their economic.

If the confiscated coins in their possession has risen in price, why do you think Biden's government will be unhappy about that. I don't think Joe Biden cares about BTC or crypto, but it is not like he would lose sleep thinking about its downfall.

With this amount their bitcoins has accumulated to, I think it will give this new administration to make bitcoin a legal tender in the land of U.S because it will improve their economic that is heading to collapse,

The U.S. cannot make BTC a legal tender, i don't think they stand anything to gain by doing that. We are talking about a strategic reserve that we are not even sure if it will happen, legal tender status is not in the discussion.

[john_egbert]

With this amount their bitcoins has accumulated to, I think it will give this new administration to make bitcoin a legal tender in the land of U.S because it will improve their economic that is heading to collapse,

The U.S. cannot make BTC a legal tender, i don't think they stand anything to gain by doing that. We are talking about a strategic reserve that we are not even sure if it will happen, legal tender status is not in the discussion.

Agreed.
Would be glad if even the reserves would work out in the end positively for the Bitcoin and community as a whole.

[Ultegra134]

I see that many bitcoiners are particularly concerned about the effect such liquidation would have on bitcoin's price. It is normal for any serious investor who understands how large scale selling could trigger volatility to be worried over the after effects of such sales. However, this might not entirely be bad news for everyone. Many are patiently waiting for an entry point into bitcoin, a price dip would be a perfect opportunity for them.

But from what I've read so far, the court has only given a "go ahead" to sell, no bitcoin has been sold already.  Whatever reaction the market is having right now might be motivated by FUD and anticipation for the actual sales.

Again, looking at the timing of these whole order, I am convinced that this decision to sell is politically motivated to discourage the incoming government.

Wasn't supposedly Trump interested in creating a national Bitcoin reserve, similar to how an oil reserve works? I know that Trump isn't on the White house yet and Biden is still the president, supposing it happens, it wouldn't be too much of a deal, compared to Bitcoin's current market cap. We're talking about $6.5B, it's not a huge amount in U.S terms either.

On top of that, just like you pointed out, a few users were worried about the possible repercussions in price, and in my opinion, that will only put a minor dent in the price. $6.5B in a market cap of over $1.85T is a drop in the ocean, perhaps the circulating FUD can create a temporary chaos, but that's about it.

[Altryist]

Wasn't supposedly Trump interested in creating a national Bitcoin reserve, similar to how an oil reserve works? I know that Trump isn't on the White house yet and Biden is still the president, supposing it happens, it wouldn't be too much of a deal, compared to Bitcoin's current market cap. We're talking about $6.5B, it's not a huge amount in U.S terms either.

On top of that, just like you pointed out, a few users were worried about the possible repercussions in price, and in my opinion, that will only put a minor dent in the price. $6.5B in a market cap of over $1.85T is a drop in the ocean, perhaps the circulating FUD can create a temporary chaos, but that's about it.

It may not be a large amount of dollars for the US government, but if 70k BTC is sent to the market, it could significantly affect the price. Although Biden can formally still make decisions, I think that such decisions cannot be approved now without Trump. If it is true that the US wants to implement the idea of ​​a bitcoin reserve, then there is no point in selling bitcoins, they need to strive to increase the amount of bitcoin. I do not believe that they have such an urgent need for money that they need to sell bitcoins for this.

[satscraper]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

I don't believe in their national Bitcoin reserve fairy tail. The govt's intention to sell ^{probably over OTC} those    69,000 BTC is not in line with it. More likely ^{for me} the talks about BTC-relevant national reserve were initiated by Musk who is an old soldier at bogus narratives. ^{Why he did it - only time will tell us.}   Thus,  summarizing and answering you question - govt will not stop in selling  more BTC.

[suzanne5223]

A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.

Obviously we still expect for more bullish trend for this month till maybe around March before we see a resentment the market price or change in season, but as for now, we are likely more going to see the bullish pattern till we achieve up to $130,000 plus or minus in bitcoin market price.

If the market replicates the previous cycle trend then what we will see from this month till March market will be up and down of the Bitcoin market price. However, the Trump inauguration can be a major force that will introduce the bullish trend we will never expect will happen.

 
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.

You're right about this, that is why some of the investors of bitcoin were being more sensitive at this time because of the possible more highs, all the last year events and activities that happened were record breaking achievements and we expect that they should be a cause for more prolonged bull season than anticipated.

Maybe you don't understand what I am saying. I said this current cycle market is different from the previous in the sense that the major leading investors in the cycle who are BlackRock, Fidelity, etc can decide to liquidate a huge portion of their holding so we should also be ready fo this type of surprises.

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

Isn't it more better to assume that US are not investors of bitcoin, because their holdings are not what they have invested, instead seizures in their numbers, but we may have a change in all these, if the new present elect had a second thought on the policies and consider bitcoin for an investment in US, of course, i don't expect them to make their current holding a reserve, because all these does not belong to them.

We can categorise their holding as their investment because the shady business was done on their soil specifically with their citizen's stolen SSN number, or credit card.

[Ale88]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

From what I read in that picture, it's that DOJ can sell those bitcoins, not that DOJ must sell them.
This being said, indeed, I would not be surprised if DOJ postpones the selling a little and then those bitcoins become the first batch in Trump's USA bitcoin reserve.

This is what would make more sense, I don't see why there should be some kind of urgency to sell these bitcoins, I don't think the US government desperately needs 6 billion of dollars, for them that is peanuts. But of course this is also a great occasion for people to spread FUD, it's the same thing that happened when Germany was about to sell the bitcoins they seized and at the end the market didn't even notice it.

It's not that they are desperate to sell or make billions on those Bitcoin. We are still officially on Biden administration, and so with that they can still do whatever in their power to sell it to make it harder for the incoming President Trump.

With regards to FUD though, if you have to look at it, the news is on December 30, if I'm not mistaken, and it just resurface a couple of days ago. So there could really be some entities behind who wanted to create fear to pull the price down or the Biden administration, has political motives behind for wanting to sell the US Bitcoin.

Hopefully though in their last remaining days, they won't do that and just like what others say, it could be the first batch of Trump's Bitcoin reserve plan.

It doesn't really matter the news date because the point of these news is spreading FUD. Don't you guys remember the costantemente FUD we had in the past years about China banning bitcoin and the DoJ shutting down Tether? Every month the same old story, and big website would just copy-paste these news without even checking the source or the date.

[Ultegra134]

It may not be a large amount of dollars for the US government, but if 70k BTC is sent to the market, it could significantly affect the price. Although Biden can formally still make decisions, I think that such decisions cannot be approved now without Trump. If it is true that the US wants to implement the idea of ​​a bitcoin reserve, then there is no point in selling bitcoins, they need to strive to increase the amount of bitcoin. I do not believe that they have such an urgent need for money that they need to sell bitcoins for this.

It's $6.5 Billion against a market cap of approximately $1.90 Trillion. Is it still a huge amount of money? Yes. Will it hurt Bitcoin? Not really, compared to the market cap, it's a minor amount, not capable of massively impacting the price in the long-term. It'll definitely dent its price, but how long do you think it will last? The FUD deriving from the sale is what is more likely to drive the price down, as people tend to panic in such situations, thinking there's something bigger behind the U.S government selling their Bitcoin.

Trump isn't in the chair yet, thus, Biden can still do as he pleases for the time being. Even if the sale actually occurs, it's very likely that Trump is going to buy it back, provided that he implements his idea of a Bitcoin reserve.

[Huppercase]

This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

This is what you get when things are politicize. Assuming Trump didn't make Bitcoin community his ally, I'm sure they are going to be holding it now because that coin didn't get there today, it was before they came into power and it doesn't make sense for the people responsible for the silk road case to want to liquidate that Bitcoin, it was never even their Bitcoin in the first place, why are they so eager to sell it, so they can launder it or share it among themselves.

This people forget that it's Trump that is coming to power, if this people are gone now it's going to be Trump as the president and he will be given the executive direction for every civil servants under him. It's either this people are not interested in Trump presidency or they are pay to do damage to the crypto market. However, they can't do much because we have seen Germany liquidate all their coins but Bitcoin still went to $100k after that, there is liquidity enough to handle that

[m2017]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

This is the old administration trying to sell these bitcoins as quickly as possible. I assume that with the arrival of the new administration, a gradual accumulation of bitcoin as a national reserve will begin. Of course, it looks stupid when they 1st sell the stock of bitcoins, and then start buying (not necessarily immediately), but this is exactly what happens due to the different interests of the governing groups.

I expect that if they shouted so loudly on every corner about creating a national reserve in bitcoin, then surely it is now impossible not to do it. I saw the news that several states in the USA have already launched a bill to create this reserve. Apparently, in the USA this is becoming inevitable.

[Minor Miner]

It may not be a large amount of dollars for the US government, but if 70k BTC is sent to the market, it could significantly affect the price. Although Biden can formally still make decisions, I think that such decisions cannot be approved now without Trump. If it is true that the US wants to implement the idea of ​​a bitcoin reserve, then there is no point in selling bitcoins, they need to strive to increase the amount of bitcoin. I do not believe that they have such an urgent need for money that they need to sell bitcoins for this.

It's $6.5 Billion against a market cap of approximately $1.90 Trillion. Is it still a huge amount of money? Yes. Will it hurt Bitcoin? Not really, compared to the market cap, it's a minor amount, not capable of massively impacting the price in the long-term. It'll definitely dent its price, but how long do you think it will last? The FUD deriving from the sale is what is more likely to drive the price down, as people tend to panic in such situations, thinking there's something bigger behind the U.S government selling their Bitcoin.

Bitcoin's market capitalization is over 1.9 trillion but did you know that Bitcoin's 24-hour trading volume is extremely low? Trading volume hasn't even reached $20 billion in the last 24 hours and if the US government decides to sell that much bitcoin, it will put a lot of pressure on the market. In the long run, things will recover but in the short term there will be significant impacts on bitcoin and market sentiment, which could also slow down bitcoin's price rally.

Trump isn't in the chair yet, thus, Biden can still do as he pleases for the time being. Even if the sale actually occurs, it's very likely that Trump is going to buy it back, provided that he implements his idea of a Bitcoin reserve.

Let's not forget that these are bitcoins seized from Silk Road, the government did not buy them, and it is perfectly normal for the government to sell seized assets for other uses. If it is not sold under Biden, it will be sold under Trump if the US government needs the money for other purposes.

Bitcoin Strategic Reserve? Forget it, it won't happen anytime soon because Trump and the US government have no authority over national reserves. Ask Congress and the Fed as they are the ones with authority over national reserves.

[Ultegra134]

Bitcoin's market capitalization is over 1.9 trillion but did you know that Bitcoin's 24-hour trading volume is extremely low? Trading volume hasn't even reached $20 billion in the last 24 hours and if the US government decides to sell that much bitcoin, it will put a lot of pressure on the market. In the long run, things will recover but in the short term there will be significant impacts on bitcoin and market sentiment, which could also slow down bitcoin's price rally.

That's actually a very valid point I wasn't taking into account. You're right, it will affect the price, possibly result in a minor crash, but as we've both mentioned, it won't have any long-term effects. It's a major amount of money, even though it might not sound like it is, if we compare it with Bitcoin's market cap.

Let's not forget that these are bitcoins seized from Silk Road, the government did not buy them, and it is perfectly normal for the government to sell seized assets for other uses. If it is not sold under Biden, it will be sold under Trump if the US government needs the money for other purposes.

Bitcoin Strategic Reserve? Forget it, it won't happen anytime soon because Trump and the US government have no authority over national reserves. Ask Congress and the Fed as they are the ones with authority over national reserves.

I'm aware of that, and I'm honestly surprised they haven't got rid of them earlier. How many years have passed since the shutdown of Silk road? Wasn't it somewhere in 2014 or 2015?

I'm not sure about the strategic reserve, Trump has made many statements, covering a variety of issues, there's no way he'll fulfill all of them. I personally doubt that he'll fiddle too much with Bitcoin.

[tread93]

A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.

Obviously we still expect for more bullish trend for this month till maybe around March before we see a resentment the market price or change in season, but as for now, we are likely more going to see the bullish pattern till we achieve up to $130,000 plus or minus in bitcoin market price.

 
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.

You're right about this, that is why some of the investors of bitcoin were being more sensitive at this time because of the possible more highs, all the last year events and activities that happened were record breaking achievements and we expect that they should be a cause for more prolonged bull season than anticipated.

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

Isn't it more better to assume that US are not investors of bitcoin, because their holdings are not what they have invested, instead seizures in their numbers, but we may have a change in all these, if the new present elect had a second thought on the policies and consider bitcoin for an investment in US, of course, i don't expect them to make their current holding a reserve, because all these does not belong to them.

It don't matter if it belongs to them or not amigo, the US is big brother and if they seized that shit and had the green light to sell it that silk road is as good as gone lol. Its crazy tho no? I mean Trump plans to free Ross, and finally like a few weeks before he is freed all of his life's work that amounted to 6.5 billion at current pricing is now going to be sold by the very government who prosecuted him and is also about to save him? haha. I wonder what is going through his head. I wonder what he will do next with his new found freedom.

[tbct_mt2]

I'm aware of that, and I'm honestly surprised they haven't got rid of them earlier. How many years have passed since the shutdown of Silk road? Wasn't it somewhere in 2014 or 2015?

List of hacked exchanges since 2011.
It happened in 2013 and 2014 with two times of FBI actions and seized bitcoin on Silk Road, then shut it down.

I'm not sure about the strategic reserve, Trump has made many statements, covering a variety of issues, there's no way he'll fulfill all of them. I personally doubt that he'll fiddle too much with Bitcoin.

Not all of his statements will be executed after his Inaguaration in coming days. There are many things and barriers against many of his great ideas and ambitious plans including his intention to build up a National Bitcoin Reserve for the USA.

[hero_the_bossman]

I'm not sure about the strategic reserve, Trump has made many statements, covering a variety of issues, there's no way he'll fulfill all of them. I personally doubt that he'll fiddle too much with Bitcoin.

Not all of his statements will be executed after his Inaguaration in coming days. There are many things and barriers against many of his great ideas and ambitious plans including his intention to build up a National Bitcoin Reserve for the USA.

Bigger institutions are slow on their leads to many things, however, when they push for something, they do it with no looking back.
So we may need more time to see these actions from the administration - after all, the sentiment is still kept up because of these talks.