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Potential Bitcoin Price Impact: US Government Could Sell 69,000 BTC

Recent bullish Bitcoin news may be overshadowed by a significant development from the US Supreme Court. The Court has denied a petition that clears the way for the US government to proceed with selling 69,370 BTC associated with the infamous Silk Road marketplace. This massive potential sale could put substantial selling pressure on Bitcoin’s price.

Supreme Court Ruling Opens Door for Major BTC Sale

Following the Supreme Court’s rejection of a certiorari petition in the Battle Born Investments case against the United States, the US government may soon liquidate over 69,000 BTC, worth approximately $4.4 billion. This ruling upholds a 2022 forfeiture order from the Northern District of California court.

The bitcoins in question were initially seized from an individual known as ‘Individual X’ as part of forfeitures related to the Silk Road dark web marketplace. Battle Born Investments, which had purchased bankruptcy claims after Silk Road’s collapse, attempted to claim ownership of these coins. However, their appeal to the Supreme Court was unsuccessful.

Potential Market Impact and Government Options

While the Supreme Court’s decision gives the green light for a sale, there are still procedural steps the US Marshals or other agencies must follow before liquidating the assets. The prospect of such a large Bitcoin sale entering the market has raised concerns about potential downward pressure on prices.

Some politicians have proposed alternatives to selling. Democratic Representative Ro Khanna suggested the US government should retain seized bitcoins as a strategic reserve asset. Republican presidential candidate Donald Trump has also pledged to create a Bitcoin strategic reserve if elected.

According to Bitcoin Treasuries data, the US government is already the largest Bitcoin holder among world governments, possessing 203,239 BTC. A significant portion of these holdings originated from Silk Road-related seizures.

Investors may recall a similar situation earlier this year when the German government sold nearly 50,000 BTC between June and July. That sale coincided with Bitcoin’s price dropping below $55,000 at the time.

As the crypto community watches closely, the ultimate fate of these 69,370 BTC and their potential market impact remains to be seen. CryptocurrencyNews.com will continue to monitor this developing story and its implications for Bitcoin’s price and the broader cryptocurrency market.