federal judge permitted the DOJ to sell 69,370 BTC valued at $6.5 billion from the Silk Road case. Battle Born Investments’ action to stall the sale did not work and the long ownership fight came to an end.
Market Impact Concerns
Looking at the Bitcoin trading between $92,000-$100,000, the market waits for changes in liquidity and volatility. To facilitate the approval of its sale, the DOJ averred that prices were also volatile, which makes such processes to be done more urgently.
Political Timing
The ruling will come in handy as the President-elect Trump who vowed to retain seized Bitcoins as a strategic reserve assumes power in 11 days. The present government intends to go ahead with the privatization before the change of government.
Historical Context
Past Silk Road Bitcoin sales have missed out on billions of dollars worth of gains. The first confiscation of 170,000 BTC in 2013, which was equivalent to $28.5 million, would be valued, as of now, to about 16 billion dollars.
Court Decision and Background
The sale of the bitcoin calls into question issues of policy differences between current and incoming governments, market influences, and government management of seized digital currency.
