Earlier this month U.S. authorities transferred $1 billion worth of Bitcoin recovered from a dark web hack to new wallet addresses, including one owned by Coinbase.
Today, as per https://twitter.com/tier10k/status/1641821284341280768 they have sold a chunk of it:
[DB] US Govt Sold 9,800 BTC on March 14, Intends to Sell a Further 41,500 BTC Connected to Silk Road in Four Batches Over the Course of the Year: Court Filing
https://preview.redd.it/xnqets5le3ra1.png?width=869&format=png&auto=webp&v=enabled&s=1b2d14838b399a27b7a55dc1a40d4f92991d8fec
Let's see whether they will be able to scare retail this time
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Paper hands!
They should have just burned them – selling them is a conflict of interest.
Oh selling BEFORE cracking down on crypto and halting its gains. I wonder if there is a legal term for this.
What a timing they picked to dump those BTC back in the market . So who’s stacking on those Satoshi any idea ?
They always know to take profit
So what happens to that money? Does it go somewhere or it will just vanish
Ew paper hands. Your weakness disgusts me
Paper hands
So weird they sold them like 1 – 2 years early. imo byc could easily 3x by then. I guess they are desperate or extremely bearish
Dont let the SEC see or they will try to sue you governement
Good, the US gov is a massive whale so they’re accidentally helping with decentralization
The US government holds over 205,000 bitcoin, which is over 1% of the circulating supply. This makes it the 7th largest holder of Bitcoin, after Coinbase, Satoshi Nakamoto, Grayscale, Binance, MicroStrategy, and the Winklevoss Twins.
The US government acquired these Bitcoins through seizures from criminal cases, including:
The Silk Road marketplace, where the government seized 69,369 bitcoins
The 2016 hack of the cryptocurrency exchange Bitfinex, where the government seized 94,636 bitcoins
a case involving James Zhong who pleaded guilty to wire fraud after unlawfully obtaining over 50,000 bitcoin from The Silk Road marketplace
Let’s hope they lose their Keys to the rest of the crypto
Wonder if they set a price or just done a market buy
Oh sure they can sell crypto when it’s convenient for them…
By those numbers that means they sold at an average of under 22k, insane timing lol
I’ve said it before and I’ll say it again. Governments and institutions love and use crypto when it’s convenient and profitable for them. They oppose the masses using it because it weakens their monopoly on the financial sector
They forgot the first rule of Bitcoin. Hodl.
Now it’s clear what purpose have US
Classic hypocrites. They tax and even use crypto but are still putting on a show that it’s something fundamentally evil lol.
I’ll take the rest of their BTC stack off their hands, I can offer $69
Gotta fund the bailouts somehow 🤷♂️
In a few years we can ask them why they didn’t sell it for 10x
They should hold and use that to pay off the debt down the road.
The only thing US has that is deflationary.
They need money
How did they manage to sell below the daily low price?
Can this be used against them if they try to shut down btc?
Taking profits from what you hate. Next level Hypocrisy.
The irony of Coinbase making trading fees on US Government crypto sales.
WHERE ARE YOU NOW SEC?
Maybe they should consider using some of that cash to compensate all the crypto scam victims out there, just a thought 🤔
The government: Calls Bitcoin worthless
Also the government: Exchanges said “worthless” asset for $1 BILLION USD.
Where can someone get in on this?
Bitcoin pros & cons with related info are in the collapsed comments below.
Hmm why don’t they just keep it so it’s not in circulation?
Who got the lambos?
Rookie move 😀
Wow papa powell doesn’t believe raising interest rates is enough, now he’s convinced the NSA FBI CRA CIA CDC to dump their biti-coins on us.
When you can’t beat them…you join them
Damn. They’re getting their sales in before the crackdown. Can’t wait for them to ban crypto shortly after. /s
Scared to be sued by their own gov. Thats sweet
Paper hands
US is paper handing BTC. Right before the Bull Market starts. This might actually kick off the Bull Market.
Bullish selling
Does the sec pay gains tax..? To themselves..?
US Gov about to buy some Lambos
That’s a lot of taxes they now owe….
But they claim it’s fake internet money?
They intend to sell in 4 more batches throughout this year. There we go folks, no bitcoin ban at least for 2023, on top of that they want us to buy bitcoin. Bullish.