The US government has moved over 29,000 Bitcoin (BTC) worth a whopping $2 billion, originally seized from the Silk Road, a dark web marketplace.
Where’s the Bitcoin Going?
The government split the Bitcoin into two separate transactions: 10,000 BTC to one address and 19,800 BTC to another. Experts believe the government is likely moving the Bitcoin to an institutional custody service.
Presidential Candidates Weigh In
This move comes at a time when several presidential candidates are discussing their plans for the government’s Bitcoin holdings.
Former President Donald Trump said he would hold onto the Bitcoin as an investment rather than selling it on the open market.
Robert F. Kennedy, an independent candidate, wants to transfer the Bitcoin to the Treasury Department and buy even more Bitcoin, aiming for a 4 million BTC reserve.
Crypto Industry Reacts
Crypto industry leaders aren’t happy about the government’s move. Galaxy Digital CEO Mike Novogratz called it “tone deaf,” while Gemini co-founder Tyler Winklevoss blamed the Biden administration.
Winklevoss pointed out that Trump pledged to never sell the government’s Bitcoin, only for the Biden administration to move $2 billion worth of it just days later.
It remains to be seen what the government’s long-term plans are for the Bitcoin. However, the recent move has sparked debate about the future of Bitcoin and its role in government finances.
