The U.S. government recently moved Bitcoins that were seized from the Silk Road darknet platform to a cryptocurrency exchange. Blockchair reported that the U.S. government transferred 30,175 Bitcoins to Coinbase on April 2. At the current price of around $65,000 per Bitcoin, the transfer is valued at approximately $2 billion.

Blockchain expert ZachXBT noted that a small test transaction of 0.001 BTC worth $69 was also sent to a Coinbase deposit address. This indicates that the larger transfer was successful.

This is not the first time the U.S. government has sold seized Bitcoins. In late 2022, the government sold about 50,000 BTC associated with Silk Road, generating $216 million. In March 2023, they sold 9,861 coins for $216 million.

In January 2024, officials announced their intention to sell more cryptocurrency linked to Silk Road, totaling 2,934 BTC. In February, the government transferred 15,085 Bitcoins seized from Bitfinex, worth about $947 million, to unknown addresses.

Analysts estimate that the U.S. government currently holds 210,392 BTC, making it one of the largest holders of Bitcoin. The government has seen significant unrealized profits since their last sale in July 2023.

It’s clear that the U.S. government is a major player in the cryptocurrency market, holding a significant amount of Bitcoin. This news highlights the growing acceptance and adoption of cryptocurrencies by government entities.

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