US government moves its $2 billion worth of Bitcoin seized from Silk Road

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New on-chain data indicates the United States government has moved more than $2 billion worth of Bitcoin to an unidentified wallet.

The new on-chain data was shared by Arkham Intelligence and comes only a few days after former US President Donald Trump spoke at the Bitcoin 2024 conference in Nashville, Tennesse, where he said that if he was reelected, the US government would not sell any of its currently held Bitcoin, which amounts to as much as $15 billion worth, or approximately 203,000 Bitcoins.

Additionally, Trump said that he was going to make the US the "crypto capital of the world" by implementing several policies that support cryptocurrency. Furthermore, Senator Cynthia Lummis announced the introduction of new legislation that proposes that the US government purchase 5% of the total circulating supply of Bitcoin to hold it as a strategic asset. The proposal was compared to the 1803 purchase from the French for $15 million for the American Midwest by the US government.

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Unfortunately, just two days after these reassuring sentiments were stated by public figures, the US government moved more than $2 billion of Bitcoin seized from the shutdown of Silk Road, a prominent online black market that traded in cryptocurrency. The move caused some fear to spread throughout the industry, resulting in Bitcoin's price dropping by more than 2% the hour after the news surfaced.

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