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🏛 The US Government is Set to Sell 69,370 Bitcoins – Worth $6.5 Billion! Should We Panic? 1. Where Did These Bitcoins Come From? This is the stash of Bitcoins confiscated from the Silk Road dark web marketplace – a notorious platform shut down by the FBI in 2013. After a lengthy legal battle between the US Department of Justice (DOJ) and Battle Born Investments, the court has finally granted the DOJ permission to sell these Bitcoins. 2. Why Sell Them? The DOJ stated that holding Bitcoin for too long risks a loss in value, so they decided to liquidate the assets. However, it remains unclear when and how the sale will take place. It’s predicted that they will sell in smaller batches to avoid crashing the market. But with such a large amount, it’s bound to exert downward pressure on prices.
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3. What’s the Market Concern? Bitcoin’s price immediately dropped by 2.5%, from $95,500 to $93,100, as soon as the news was widely shared. On January 9, Bitcoin fell further to $91,203, the lowest in the past 30 days. Currently, BTC is trading around $93,500. Some suspect this could be a “tactic” by the Biden administration, intentionally dumping Bitcoin to curb its growth. 4. How Is Trump Involved? Donald Trump is preparing to take office and had previously promised "not to sell the government’s Bitcoin holdings." However, these Bitcoins are set to be sold before he assumes the presidency, making it unlikely for him to keep his word! 5. Conclusion: If the DOJ sells all 69,370 Bitcoins, the market will undoubtedly face volatility. But don’t panic too much – the DOJ typically sells in smaller portions to minimize the impact. Let’s stay vigilant and make informed decisions! 🚀
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