U.S. still holds $6.5b in seized Silk Road Bitcoin
U.S. authorities have not executed any new Bitcoin sales, despite reports suggesting that the Department of Justice had authorized a massive offload.
Blockchain intelligence platform Arkham confirmed that billions in seized Silk Road and FBI-confiscated Bitcoin (BTC) remain in U.S. government-controlled addresses as of Jan. 9.
The data provider shared on-chain proof confirming a $6.44 billion balance amid chatter suggesting authorities were selling.
Rumors of the sale began circulating after reports that the DOJ had cleared 69,370 BTC for liquidation. According to these reports, a federal judge ruled on the matter in late December, but the news only surfaced this week.
With President Donald Trump’s inauguration so close, the timing of the news spurred questions. Trump has pledged to retain America’s Bitcoin holdings and create a BTC reserve.
His plan was adopted by Senator Cynthia Lummis and tabled in the U.S. Senate. Congress was also considering laws to permit BTC reserves at the Federal Reserve after Fed chair Jerome Powell said the central bank couldn’t legally hold the cryptocurrency.
At press time, Trump’s swearing-in ceremony, scheduled for Jan. 20, was only 11 days away. It remains unclear whether the U.S. government will move forward with selling its Bitcoin stash during the final days of President Joe Biden’s administration.
Meanwhile, crypto industry leader lobbied Trump to issue an executive order for a BTC reserve in his first 100 days in office. Several states like Texas and Ohio also considered BTC-focused legislation.
