Topic: SC clears path for US to sell $4.4 billion in seized Silk Road Bitcoin (Read 555 times)
October 15, 2024, 01:02:59 AM
The will be many cases in the future, where the governments will sell seized/confiscated Bitcoins. Do we really have to pay attention to each and every case? OK, this will impact the BTC price in the short term, but so what? The price will recover pretty fast. I don't think that the US government is going to sell the BTC in bulk. They should sell it in small parts, in order to get a better price. The BTC market can definitely handle several thousand Bitcoins. The sad truth is that there will be many more projects like the Silk Road and the governments will seize more cryptocurrencies in the future. Perhaps the criminals that are running darkweb marketplaces should focus on privacy coins and dump Bitcoin completely.
October 14, 2024, 10:51:46 PM
Another news that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?
Short term, price will be affected and fall down but in long term, it will recover well because Bitcoin trading volume now is 420,000 BTC in the last 24 hours according to Coinmarketcap.I would be unrealistic if I say price will not be affected when US. government sell those bitcoins, but I am optimistic that Bitcoin will strong enough to recover from it. A warning to leverage enthusiasts is, with such news, now and in future with actual sale waves, price will be very volatile and if they use leverages with open positions in such time, they will be liquidated and lose money.
I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.
I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.
Wouldn't it be bad for the market if they sold it out in one go though?
October 14, 2024, 07:25:50 PM
They have been printing money out of thin air and increasing their national debt in trillions.
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
Do you think they are selling bitcoin to reduce the national debt? Seriously? The total capitalization of bitcoin is equal to just 1 year of US military spending, the annual GDP of the United States is up to 26 trillion dollars, the capitalization of the US stock market is up to 50 trillion dollars. I don't think $4.4 billion worth of bitcoin will do them much good and they don't need to rely on it to pay off the national debt.
But you are right, it is not necessarily a bad thing for them to sell bitcoins. This may cause the price of bitcoin to drop temporarily, but if we know how to take advantage of it, this will be a good opportunity for us to collect bitcoins at a high discount and it is an opportunity that cannot be better. Just like the German government sold bitcoins and Mt.gox paid bitcoins, those who took the opportunity to buy bitcoins at that time made a profit.
I didn't mean to say that the US will rely on bitcoin for paying the entire debt but just a little chunk of it.
Only if the US starts clearing off their debt little by little, they will be making any good on the economy.
Otherwise, they will just be making it worse every year.
They have a national debt of 35 trillion, with 4.4 billion, what problem do you think that will solve for them? Also, I don't think the US has any intention of eliminating the national debt and I believe their economy won't collapse because of it. Their national debt skyrockets for many reasons: they spend a lot of money on the military, support wars for their allies...and more importantly, they continue to print more money and pump it into the economy, the national debt will never stop growing.
In theory, that reflects worryingly on their economy, but don't forget that they hold the world's money printing machine in their hands, all world monetary and economic policies are decided by them. The US dollar has dominated the world for over 100 years and is still showing its strength, I don't think it will collapse just because of the published numbers.
October 14, 2024, 10:57:21 AM
They have been printing money out of thin air and increasing their national debt in trillions.
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
Do you think they are selling bitcoin to reduce the national debt? Seriously? The total capitalization of bitcoin is equal to just 1 year of US military spending, the annual GDP of the United States is up to 26 trillion dollars, the capitalization of the US stock market is up to 50 trillion dollars. I don't think $4.4 billion worth of bitcoin will do them much good and they don't need to rely on it to pay off the national debt.
But you are right, it is not necessarily a bad thing for them to sell bitcoins. This may cause the price of bitcoin to drop temporarily, but if we know how to take advantage of it, this will be a good opportunity for us to collect bitcoins at a high discount and it is an opportunity that cannot be better. Just like the German government sold bitcoins and Mt.gox paid bitcoins, those who took the opportunity to buy bitcoins at that time made a profit.
I didn't mean to say that the US will rely on bitcoin for paying the entire debt but just a little chunk of it.
Only if the US starts clearing off their debt little by little, they will be making any good on the economy.
Otherwise, they will just be making it worse every year.
October 14, 2024, 07:12:07 AM
I think it doesn't matter if they dump it all at once or just a steady sell, it will still be out of the public and it again, depends on how we are going to react. But since we are in the sideways pattern or at least the market is not that bullish, perhaps it will have a negative impact as I have said before.
And after investors found out that this sell is not yet happening, the price did recover to $64k, as of this writing.
And after investors found out that this sell is not yet happening, the price did recover to $64k, as of this writing.
I do think that this may have a bit of an effect on the market, but as it was said, it's 20% of the trading volume, thus, being auctioned and regulated, it wouldn't be the end of the world. And it should be resolved eventually.
October 14, 2024, 06:40:26 AM
It did react to the sales, as we have seen the price goes below $60k in the last 24 hours. But now we have forgotten about this so called negative news, as the price is already at $60,800. So that's how quick the market react to bad news and how quick smart investors taking advantage of it and buying at the right time.
And maybe they are selling because they don't what Trump to have this huge amount of Bitcoin when he wins the US election,
Although it might be good for America to hold and be a Bitcoin holder or at least they have some reserves, but I guess it's not on their plate and wanted to just disposed of the seized Bitcoin.
And maybe they are selling because they don't what Trump to have this huge amount of Bitcoin when he wins the US election,
Although it might be good for America to hold and be a Bitcoin holder or at least they have some reserves, but I guess it's not on their plate and wanted to just disposed of the seized Bitcoin.
Approved for selling, but no news yet if it’s actually been sold, and people are already reacting to the market.
Yeah, but I guess everyone will react to news like this.
There’s a lot of news about selling lately, like this one and the FTX refund to its users, but I don’t think the government will dump everything all at once since that might cause panic. Although it’s not new to us, considering the US has regulated exchanges, they probably won’t do something that will hurt people too much by causing a massive drop. The price reaction right now is mostly driven by speculation, but when the actual selling happens, we might not even feel it due to Bitcoin’s large daily volume.
I think it doesn't matter if they dump it all at once or just a steady sell, it will still be out of the public and it again, depends on how we are going to react. But since we are in the sideways pattern or at least the market is not that bullish, perhaps it will have a negative impact as I have said before.
And after investors found out that this sell is not yet happening, the price did recover to $64k, as of this writing.
October 14, 2024, 06:33:09 AM
Indeed, I see it as a good thing that governments and large organizations sell most of their bitcoins but I don't understand why people are always so scared about it. There is no denying that this will cause negative reactions in the short term but clearly in the long run this will be good for us because no one will threaten us anymore. So I welcome them to sell their bitcoins as soon as possible, we will only be hurt once.
People are scared because many of them are not here for the long term, they are short term speculators, many of which i call weak hands, they sell with every fud and they fomo buy when the price is rising again; rinse and repeat.However, i am afraid that it cannot 'hurt the price only once', governments will always seize coins from people involved in illicit dealings, and right now many of them are still holding coins they have already seized because they do not sell or auction it all at once. This news is bound to always come up every now and then.
October 14, 2024, 06:25:31 AM
Considering it's a much smaller market I would be more concerned with the mega yacht market when the US government starts selling off the ones they seized from people from sanctioned countries. Or the private jet market. Or the....
I know others have already said it in this thread but it has to keep being said. $4 billion $5 billion whatever it's less then 20% of the average days trading volume.
And it's not like they dump it on the open market, it's auctioned so people will bid it up.
Every time some government sells seized BTC.....nothing major happens. There have been a few small drops, but you can't correlate that to the sale. There have been 5% drops and bounces when absolutely nothing was happening.
-Dave
I know others have already said it in this thread but it has to keep being said. $4 billion $5 billion whatever it's less then 20% of the average days trading volume.
And it's not like they dump it on the open market, it's auctioned so people will bid it up.
Every time some government sells seized BTC.....nothing major happens. There have been a few small drops, but you can't correlate that to the sale. There have been 5% drops and bounces when absolutely nothing was happening.
-Dave
October 14, 2024, 02:03:35 AM
Silk Road money has been a problem for the market for a long time, we need to get rid of this anyhow and I really hope one day SEC just decides this should be 100% completely sold, not just part of the whole seizure but the whole thing would be sold so we can get rid of the whole thing.
I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.
I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.
https://cryptobriefing.com/government-bitcoin-holdings-increase/
We would have to get used to the news of Bitcoin sales by different countries because it might never come to an end. Silk Road Bitcoin is not only the coins the US government, and there will still be more seizures in the future. I guess other nations might also consider auctioning their holding in the future, which means there might never be a time when the market will be 100% free from these threats of sell-offs.
The beauty of the Bitcoin market is that it will always recover and stabilize after the dumps. So we shouldn't be moved by these FUDs; bravery and patience to keep holding is what we need to profit from our investment.
October 14, 2024, 01:28:21 AM
Another news that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?
Short term, price will be affected and fall down but in long term, it will recover well because Bitcoin trading volume now is 420,000 BTC in the last 24 hours according to Coinmarketcap.I would be unrealistic if I say price will not be affected when US. government sell those bitcoins, but I am optimistic that Bitcoin will strong enough to recover from it. A warning to leverage enthusiasts is, with such news, now and in future with actual sale waves, price will be very volatile and if they use leverages with open positions in such time, they will be liquidated and lose money.
I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.
I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.
Wouldn't it be bad for the market if they sold it out in one go though?
October 14, 2024, 01:21:18 AM
Another news that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?
Short term, price will be affected and fall down but in long term, it will recover well because Bitcoin trading volume now is 420,000 BTC in the last 24 hours according to Coinmarketcap.I would be unrealistic if I say price will not be affected when US. government sell those bitcoins, but I am optimistic that Bitcoin will strong enough to recover from it. A warning to leverage enthusiasts is, with such news, now and in future with actual sale waves, price will be very volatile and if they use leverages with open positions in such time, they will be liquidated and lose money.
I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.
I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.
October 13, 2024, 10:08:29 PM
They have been printing money out of thin air and increasing their national debt in trillions.
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
Do you think they are selling bitcoin to reduce the national debt? Seriously? The total capitalization of bitcoin is equal to just 1 year of US military spending, the annual GDP of the United States is up to 26 trillion dollars, the capitalization of the US stock market is up to 50 trillion dollars. I don't think $4.4 billion worth of bitcoin will do them much good and they don't need to rely on it to pay off the national debt.
But you are right, it is not necessarily a bad thing for them to sell bitcoins. This may cause the price of bitcoin to drop temporarily, but if we know how to take advantage of it, this will be a good opportunity for us to collect bitcoins at a high discount and it is an opportunity that cannot be better. Just like the German government sold bitcoins and Mt.gox paid bitcoins, those who took the opportunity to buy bitcoins at that time made a profit.
October 13, 2024, 05:40:13 PM
In the near future, I do hope that Bitcoin will be widely distributed such that big sales like this would no longer be possible. This year alone, we have had to experience huge sales from Grayscale, German government and now, US government about to join the bandwagon.
You forgot Mt.gox, a name that has caused panic and confusion in the market for the past 10 years whenever there is news about them.
They also just announced that they will resume paying bitcoin to creditors in October 2025 after the first payment this year.
Indeed, I see it as a good thing that governments and large organizations sell most of their bitcoins but I don't understand why people are always so scared about it. There is no denying that this will cause negative reactions in the short term but clearly in the long run this will be good for us because no one will threaten us anymore. So I welcome them to sell their bitcoins as soon as possible, we will only be hurt once.
Do you think the threat will ever end? It's more like a planned events because whenever Bitcoin is bullish there is always an incident that threatens for bearish season. However, those coins were stolen from silk road and a company battle born is claiming the rights of those Bitcoins, instead of having more court cases between the company and the government it's the SC's best choice to sell off the bitcoins. Normally, this will affect the market price, but as you said it'll definitely bounce back, and gradually in the next bull season similar news will come up regarding stolen bitcoins, or exchanges getting hacked, such sad occurrences won't stop.
October 13, 2024, 03:25:31 AM
They have been printing money out of thin air and increasing their national debt in trillions.
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl
October 12, 2024, 10:23:34 PM
In the near future, I do hope that Bitcoin will be widely distributed such that big sales like this would no longer be possible. This year alone, we have had to experience huge sales from Grayscale, German government and now, US government about to join the bandwagon.
You forgot Mt.gox, a name that has caused panic and confusion in the market for the past 10 years whenever there is news about them.
They also just announced that they will resume paying bitcoin to creditors in October 2025 after the first payment this year.
Indeed, I see it as a good thing that governments and large organizations sell most of their bitcoins but I don't understand why people are always so scared about it. There is no denying that this will cause negative reactions in the short term but clearly in the long run this will be good for us because no one will threaten us anymore. So I welcome them to sell their bitcoins as soon as possible, we will only be hurt once.
October 12, 2024, 04:25:34 PM
Every time Bitcoin starts moving to the upside, news like this comes out to start creating some kind of fud that has a cascading effect when the dump finally comes. There are traders currently trying to short every bitcoin pump now in the hope that they will find the local top.
In the near future, I do hope that Bitcoin will be widely distributed such that big sales like this would no longer be possible. This year alone, we have had to experience huge sales from Grayscale, German government and now, US government about to join the bandwagon.
In the near future, I do hope that Bitcoin will be widely distributed such that big sales like this would no longer be possible. This year alone, we have had to experience huge sales from Grayscale, German government and now, US government about to join the bandwagon.
October 12, 2024, 02:15:23 PM
It would be considered negative news if you bought bitcoin at a higher price and had no intention of buying more in the future. But this will be positive news if you have faith in bitcoin and are always ready to collect more bitcoins every time the price drops.
Bitcoin market cap is over $1 trillion and daily trading volume is up to $50 billion so even if the US government sold that $4.4 billion I don't see anything scary. The market will likely react negatively to that selling pressure but if it can absorb all that bitcoin then it shows that the market is very healthy. For me, I only panic when they sell bitcoins to the market but there is no liquidity, that's when I panic.
If they sell bitcoins to the market, it means the amount of bitcoins they hold will decrease significantly and that is good for us and the market. Look at the positive side of things instead of just looking at the negative side.
You are right we must look at both sides and the good side, according to you is that the funds that's been in holding for some years will be available in the market for people to buy and if there are enough buyers, then the market won't react. I hope I got it right well you are right because it is all the game of demand and supply, and once there would be no liquidity, then things get tough but still with time we all know the price will recover, and after reading your post I feel less scare mean I think things are not that bad. Bitcoin market cap is over $1 trillion and daily trading volume is up to $50 billion so even if the US government sold that $4.4 billion I don't see anything scary. The market will likely react negatively to that selling pressure but if it can absorb all that bitcoin then it shows that the market is very healthy. For me, I only panic when they sell bitcoins to the market but there is no liquidity, that's when I panic.
If they sell bitcoins to the market, it means the amount of bitcoins they hold will decrease significantly and that is good for us and the market. Look at the positive side of things instead of just looking at the negative side.
As I did not see the daily trading volume is up to $50 billion which is insane, if that's true, then these $4.4 billion will easily be absorbed and we won't see market panic and it will recover fast.
October 12, 2024, 01:07:08 PM
That is a lot of Bitcoin that will be hitting the market. No way to spin that. This isn’t the first time though. Bitcoin will survive. Major players may even view it as an opportunity to buy a lot of Bitcoin without moving the market. At some point sales like this will cease to happen and Bitcoin won’t have these headwinds. Just a matter of time.
Sometimes news like this causes panic in the market more than what the selling of that total amount can do.Looking at that amount placed and on auction, if they don't limit the amount per user or institution can buy, institutional investors might even be the ones that will end up emptying that wallet during the auction, if they will allow them to acquire it.
Even if it's dumped in the market, it's not the first time, like you said, and the market will show a sign of a heavy sell, after which there will definitely be a U-turn.
October 12, 2024, 09:10:52 AM
Bitcoin market cap is over $1 trillion and daily trading volume is up to $50 billion so even if the US government sold that $4.4 billion I don't see anything scary. The market will likely react negatively to that selling pressure but if it can absorb all that bitcoin then it shows that the market is very healthy. For me, I only panic when they sell bitcoins to the market but there is no liquidity, that's when I panic.
It will not have a significant impact on price, the only shocking thing here is that the news websites will promote articles with title "The USA sold 4.4 billion Bitcoin", then some people will panic and price will go down a little but it should recover well very soon because a similar accident happened recently when Germany sold 50,000 BTC.For every wise person, any dump is a great opportunity right now because price is going up anyway. Bitcoin halving happened recently, ETF got approved recently, what's there to stop the upcoming bull run? Nothing! I think that the old bull run cycle will repeat and any dump before that is a good opportunity.
October 12, 2024, 08:15:14 AM
People panic with everything that has to do with the US in relation to BTC, I have no doubt that this event will also have its short-term consequences. Even if the price drops by 10% or more, it will only be a good opportunity for all those who want to buy cheaper, so I don't see this as anything but a possible good opportunity.
However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.
When the US government decides to dump the seized BTC it'll naturally cause a panic because speculations will be very high about price dip. But I wouldn't worry because with my knowledge about Bitcoin, the effect of the massive sales will be on the short term. Price will recover and it'll be business as usual, it's not going to be the first time that we'll be experiencing such a scenerio. The bright side to this is that if the dip happens it'll create an opening for investors that has the funds to accumulate more Bitcoin. Hopefully after price recovery it'll skyrocket and we'll see the anticipated $100k price and beyond, I look forward to it.However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.
Usually it can cause panic since somehow the amount they are planning to sell is huge so provably that it can move the market. Although we don't know on when this event gonna happen or if they dump all or by batches. Maybe best for authorities to decide to sell it by batch so there's less damage will be created on this action they do.
Hopefully we won't see bitcoin to collapsed more since it will totally create huge panic to many people.
But waiting for this event to happen and make sure that I have funds to spend catching those dump since somehow this is perfect opportunity to accumulate since scenario like this is rare to happen. I believe bitcoin would recover after the fear of those dumps will fade out.
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