US Government Selling Silk Road Bitcoins Through Coinbase

The US Marshals Service (USMS) is reportedly selling Bitcoin seized from the Silk Road marketplace, as per claims made by finance attorney Scott Johnsson. The sale is said to be conducted through Coinbase Prime, following a service agreement signed between the USMS and Coinbase in June. The transfer of nearly $600 million worth of Bitcoin to Coinbase on August 15 has fueled these speculations. This follows a prior transfer of $2 billion worth of Bitcoin in April. The US government currently holds approximately 203,239 BTC, valued at around $12.420 billion.

While Johnsson's interpretation suggests that these transfers indicate an imminent or ongoing sale, not all analysts agree. Ryan Lee, chief analyst at Bitget Research, believes the Silk Road Bitcoin is unlikely to be sold. The timing of these transactions has also raised questions about potential political motivations, with some speculating that the activity may be influenced by former President Donald Trump's support for the Bitcoin industry and Vice President Kamala Harris's promotion of a "crypto reset." Despite the ongoing sales, the US government still holds a substantial amount of Bitcoin.