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U.S. Government Transfers $2 Billion in Seized Silk Road Bitcoin, Splits into Two Addresses After Trump's Speech

Jul 29, 2024, 05:04 PM

The U.S. government has transferred approximately $2 billion worth of Bitcoin, equivalent to around 29,800 BTC, which was seized from the Silk Road. The transfer occurred 14 minutes ago, two days after former President Donald Trump's speech proposing the creation of a Bitcoin Strategic Reserve. The funds were split into two addresses: one containing 10,000 BTC valued at $669.35 million and the other holding 19,800 BTC worth $1.33 billion, according to Arkham data. This move has sparked speculation about the government's intentions, with some suggesting it could be a response to Trump's recent speech. The U.S. government currently holds a significant amount of Bitcoin, including 119,676 BTC from Ulbricht and Zhong, and 179,155 BTC in total, valued at $12.14 billion. The Bitcoin market reacted to the news, with prices retreating from $70,000 to below $67,000.