US Government Moves $2 Billion Worth of Bitcoin

Just two days after Donald Trump said he would keep 100% of the bitcoin that the US government seized, they have moved $2 billion worth of the leading crypto. Indeed, the transferred BTC was connected to the infamous Silk Road marketplace.

Amid his ongoing reelection campaign, Trump has certainly embraced crypto. The 45th President of the US has consistently stated his interest in the asset. Speaking at Bitcoin Conference 2024, he discussed Bitcoin’s importance if he were to win reelection in November.

Also Read: Currency: Why Trump’s US Dollar Devaluation Plan Might Be A Bust?

US Moves $2 Billion in Bitcoin Two Days After Trump’s Pro-BTC Speech

Speaking in Nashville, Trump said he would create a “strategic Bitcoin stockpile,” for the United States. He noted his administration would create a policy requiring the country, to “keep 100% of all the Bitcoin the US government currently holds or acquires in the future.”

Just two days after that speech, on-chain analytic firm Arkham Intelligence reported that the US government has moved more than $2 billion worth of Bitcoin to a new address. The collection of BTC was seized from the dark web’s Silk Road marketplace. In 2022, the US Department of Justice reported the acquisition of more than $3.3 billion worth of the leading cryptocurrency after the seizure.

donald trump
Source: CNN

Also Read: Donald Trump Raises Over $4M in Bitcoin Campaign Donations

To this point, the US hasn’t specified its plan with the seized Bitcoin. There is still no indication that they are planning to sell the BTC that was transferred, only that it was transferred. Yet, the asset’s importance is clear, as it has become a point of political contention in recent months.

All eyes are now on what the US will do with the Bitcoin. The market had recently contended with Germany’s consistent selling of seized Bitcoin. Therefore, many are calling on the US to hold the asset. Among them is US Senator Cynthia Lummis. The representative is introducing legislation stating as much.

Indeed, Lummis is calling for Bitcoin to be used as a strategic reserve asset by the United States. The plan would call on the Treasury to hold BTC as a reserve asset, similar to how they would hold gold or foreign currency. The move would allow Bitcoin to be sold to help combat the growing national debt.

  • bitcoin
  • US government

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