The US government made headlines this week as it transferred some of its Bitcoin stash to Coinbase, a popular crypto wallet on the blockchain. This move comes after the government seized Bitcoin worth approximately $2 billion from the dark internet’s Silk Road in 2013, an online store known for its sale of illicit drugs, weapons, and other illegal activities.
According to Arkham Intelligence, the first transfer on Tuesday was relatively small, worth only $65, and was seen as a way to test the connection between the government’s main account and Coinbase. However, the government then made a larger transfer of 2,000 bitcoins, totaling around $131 million, to the same Coinbase wallet.
Earlier this year, the US government announced its plans to sell approximately $13 million worth of Bitcoin after receiving approval from the District Court in Maryland. This is in addition to another crypto wallet, containing 94,600 bitcoins and valued at over $6 billion, which was seized from hackers.
Market participants are closely monitoring the US government’s cryptocurrency wallet, as any large sales could significantly impact the price of Bitcoin. The current stash from the Silk Road alone holds over 30,000 coins, worth around $2 billion at current prices.
It’s worth noting that the US government holds other Bitcoin wallets, indicating their growing interest and involvement in the cryptocurrency market.
