Anti-crypto American government sells 300 million dollars’ worth of Silk Road Bitcoin

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Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin has been trapped in a trading band for almost a month now. The US government is the last ‘paper hands’ investor to think we are heading for a short run down in August and thus decided to quickly sell $300 million worth of Bitcoins. With this move, another piece of the Silk Road pie comes back into circulation and it appears that Whales are ready to buy more at a $30k level.

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Dread Pirate Roberts

Bitcoin is trading in a broad band and seems to be taking a break for the summer. Somehow that is good news as it means that the support line for Bitcoin has been raised given that it rarely goes under $30k anymore.

Still, there are some analysts who believe Bitcoin will make another plunge to $25k before the end of the summer and then start its climb to $40k.

The US government seems convinced of that theory because they sold some $300 million dollars in Bitcoins that they had seized from “Dread Pirate Roberts” at the time.

That moniker was the online pseudonym of Ross Ulbricht, the original cybercriminal who founded the Silk Road website at the time and allowed payment for all kinds of drugs via Bitcoin. The entire story of the Silk Road was turned into a pretty good thriller of the same name in 2021.

Also, there is a 2015 documentary called Deep Web narrated by none other than Keanu Reeves about the same subject.

YouTube video

Both have pretty good ratings on Imdb by the way so worth checking out.

Whales

When the FBI shut down the Silk Road, they seized a lot of Bitcoins, which at that time (in 2012) were already worth $3.3 billion. Now that is of course much more. So every so often the US government (which has been very opposed to crypto recently) sells a few hundred million dollars worth of Bitcoins to bring in money. The administration of President Joe Biden is of course one of the biggest Bitcoin whales ever.

And what about Ulbricht. Well, he’s still in prison in the US. Probably for the rest of his life. Earlier this week, one of his colleagues was sentenced to 20 years in prison as well.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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