US Government Moves $2 Billion in Bitcoin

On July 29, the government moved 29,800 Bitcoin from a wallet holding assets seized from the Silk Road marketplace in 2022, according to blockchain analysis firm Arkham Intelligence. The cryptocurrency was initially transferred to an unknown wallet and later moved again to another unidentified address.

This transfer occurred just a few days after Donald Trump spoke at the Bitcoin conference in Nashville, Tennessee, and asserted that the US government would not sell its Bitcoin holdings.

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In a July 29 X post, Galaxy Digital CEO Mike Novogratz described the move as "tone deaf," highlighting the poor timing in relation to Trump's recent pledge.

However, some industry experts suggested that the transfer might be linked to a July 1 deal between the US Marshals Service and Coinbase, in which the crypto exchange agreed to "provide custody and advanced trading services" for the US Government's crypto assets.

Overall, the transfer has sparked debate, particularly given its proximity to Donald Trump's assurances of a hands-off approach to the nation's Bitcoin holdings.

This move came a month after the US government's wallet transferred 3,940 BTC seized from a drug trafficker to Coinbase Prime wallet.

Aaron S. , Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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