Latest Bitcoin News: US Government Ready to Release 69,000 BTC, What Happens?

Bittime - The latest Bitcoin news states the US Government is ready to release 69,000 BTC. What is the reason for the US to release their Bitcoin holdings? Check out the review in this article.

Despite this, the United States Supreme Court rejected a request that would have given the government permission to sell 69,370 BTC linked to the Silk Road black market. 

While there has been some positive news about Bitcoin in recent days, this decision could impact market sentiment. This caused significant selling pressure on this leading crypto asset.

Bitcoin News: US Government Ready to Sell 69,000 BTC

The Supreme Court's decision to deny the petition for certiorari (notice) in the Battle Born Investments case against the US government paved the way for the sale of more than 69,000 BTC. 

This Bitcoin news is expected to have a negative impact on the price of the largest crypto asset. If this sale takes place, it could create huge selling pressure on this flagship cryptocurrency.

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This case relates to ownership of 69,370 BTC worth around $4.4 billion (Rp. 68.9 trillion) connected to the Silk Road Marketplace. The government initially confiscated these coins from 'Individual 

In 2022, the Northern District Court of California also ordered the confiscation of these coins. However, Battle Born Investments appealed to the Supreme Court to claim ownership of the coin, which has caused the sale of the coin to be delayed until now.

The company, which bought into bankruptcy claims following the collapse of Silk Road, argued that it owned Bitcoin stolen by 'Individual X' from the black market. 

However, the Supreme Court chose not to hear Battle Born's appeal even though they claim to be the rightful owners of the Silk Road property, including the stolen 69,370 BTC.

Reasons the US Government Can Sell Bitcoin

The Supreme Court's denial of the petition for certiorari means that the Northern District of California Court's forfeiture order remains in effect. Thus, this gives the government permission to sell the coins.

While news of this potential sale casts a bearish outlook on Bitcoin, it is worth noting that there are still formal procedures that must be followed by US Marshals or other agencies wishing to liquidate these coins.

Read also: Bitcoin Performance in Q3 Weakened, Still the Best Asset in 2024?

On the other hand, Democratic Representative Ro Khanna argued that the US government should keep the confiscated Bitcoins as strategic reserve assets. Republican presidential candidate Donald Trump also promised to establish a Bitcoin strategic reserve if elected president. 

Given the large amount of BTC the US has from confiscation, Trump could consider Khanna's suggestion.

US Becomes Biggest Holder of Bitcoin

Bitcoin Treasuries data shows that the US is the largest holder of Bitcoin among world governments, with a total of 203,239 BTC. Interestingly, most of these coins come from the Silk Road Marketplace.

News of a potential sale of Bitcoin by the US government is reminiscent of the sale of nearly 50,000 BTC by the German government between June and July this year. This large-scale selling caused the price of Bitcoin to fall below $55,000 (Rp. 858 million).

With all these dynamics, Bitcoin investors need to be vigilant and continue to monitor the latest developments that could impact the crypto market.

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