US Government DUMPING Bitcoin?! What's Going on?!
🛒 Get The Hottest Crypto Deals 👉 https://www.coinbureau.com/deals 📲 Insider Info in Guy's Socials 👉 https://guy.coinbureau.com/socials/ 👕 My Merch Store 👉https://store.coinbureau.com 🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/ ~~ 🔗 Useful Links 🔗 American Kingpin: The Epic Hunt for the Criminal Mastermind Behind the Silk Road by Nick Biltonhttps 👉 https://www.amazon.com/American-Kingpin-Criminal-Mastermind-Behind/dp/1591848148 U.S. government sold over 9k BTC 👉 https://cryptoslate.com/u-s-government-sold-over-9k-btc-for-215-7m-on-march-14/ US government plans to sell 41K Bitcoin 👉 https://cointelegraph.com/news/us-government-plans-to-sell-41k-bitcoin-connected-to-silk-road US Government Dumps Bitcoin 👉 https://blockworks.co/news/us-government-dumps-bitcoin-silk-road US Government Seized Bitcoin Sales Tracker 👉 https://jlopp.github.io/us-marshals-bitcoin-auctions/ Bitcoin Liquidity Hits 10-Month Low 👉 https://www.bloomberg.com/news/articles/2023-03-26/bitcoin-liquidity-hits-10-month-low-even-with-the-price-surging?re_source=boa_related Thief Who Held $3.4 Billion in Bitcoin Deserves Prison 👉 https://www.bloomberg.com/news/articles/2023-03-31/silk-road-scammer-should-get-credit-for-aiding-recovery-us-says ~~ - TIMESTAMPS - 0:00 Intro 0:38 Uncle Sam & BTC 1:05 The Silk Road 2:50 Hackers at The Gates 4:00 Selling the Coins 5:06 Final Thoughts ~~ 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. #crypto #cryptonews #cryptocurrency #bitcoin #btc #coinbureau #dollar #bitcoinwhale #cryptonews
US Government DUMPING Bitcoin?! What's Going on?!
The US Government is Selling Bitcoin
This transcript discusses the US government's recent sale of Bitcoin and how they acquired it.
Silk Road and the US Government's Acquisition of Bitcoin
- The US government acquired their Bitcoins by confiscating them from the Silk Road.
- Silk Road was a darknet marketplace where you could buy almost anything using Bitcoin. It played a key role in the evolution of Bitcoin from an anonymous cypherpunk's dream to the global phenomenon it is today.
- When the feds shut down Silk Road, they found themselves in possession of around 144,000 BTC worth around $28.5 million.
- These coins were then auctioned off in various batches by the U.S Marshals service in 2014. 30,000 of them were famously snapped up by billionaire venture capitalist Tim Draper for around $19 million dollars.
- An American user from Georgia named James Young was able to steal himself a little over 50,000 BTC from Silk Road back in 2012. He found quite by chance that he was able to exploit a basic flaw in the site's withdrawal function and become an overnight whale.
The US Government's Sale of Bitcoin
- The government is currently selling just under 10,000 BTC through Coinbase netting a little over $200 million dollars.
- They plan to sell another forty-one and a half thousand coins in batches over the course of this year as is now customary whenever something big comes up for sale.
- This latest sale is being done through Coinbase rather than via auction as has often been the case in the past and this has many worrying that bitcoin's price may be impacted by the selling especially given the lack of liquidity and depth in the market right now.
- Coinbase will be working with U.S authorities to either sell the Bitcoin or transfer it to another wallet.
Missed Profits by the US Government
This section discusses how the US government's decision to sell during market downturns has resulted in missed profits.
Missed Profits
- The US government's decision to sell during market downturns has resulted in missed profits of over 5 billion dollars.
- American taxpayers are the ones who should be upset about this missed opportunity.
- It is important to hold onto assets during market downturns and not have "paper hands" like Uncle Sam.