THE U.S. GOV'T IS SELLING $1B+ OF BITCOIN 💰
Uncle Sam is going on a Bitcoin-selling spree. In a new court filing, the Department of Justice (DOJ) revealed that it sold 9,861 Bitcoin for $215M.
The DOJ also announced it will sell another ~41,500 BTC in four more batches over the course of this year.
So, where'd Uncle Sam get so much Bitcoin? Silk Road - an online black marketplace where people could buy crazy, illegal stuff using crypto.
(Btw - yes, we named our newsletter after it as a joke. No, we aren't affiliated with it in any way. My lawyer is giving me the side-eye until I clear that up.)
Over 50,000 BTC was seized after the Silk Road shut down and now the U.S. government is planning to sell it.
So what? Some people think that 50,000 BTC hitting the market could add sell-pressure and bring the price of Bitcoin down.
The reality is it's hardly a drop in the ocean where crypto whales eat that much Bitcoin for breakfast. So, we aren't too worried about it.
