If the US sells Silk Road bitcoins it will be surpassed by China in holdings
In the midst of the confusion that exists over the possibility of the United States selling almost 70,000 bitcoin (BTC) seized from Silk Road, a scenario is proposed in which, if this sale is carried out, the United States would be surpassed by China in the amount of BTC in custody.
Currently, the United States has more than 198,000 BTC in its possession, while China is only 8,000 coins away. If the US decides to sell the 70,000 BTC from Silk Road, it would automatically become the second largest holding of bitcoin, allowing China to dethrone its place.
This morning, CriptoNoticias reported that the US has the green light to sell the more than 69,000 BTC seized from the fallen Silk Road marketplace. This judicial authorization comes from a recent decision by a federal judge, opening the door to a possible sale.
The sale of these 70,000 BTC could have a significant impact on the bitcoin market. Introduce such an amount of BTC into the market could generate considerable selling pressurewhich would likely lead to a decrease in price.
This is because supply would suddenly increase, while demand might not keep pace, creating an imbalance that often puts downward pressure on prices.
Silk Road was a notorious black market on the dark web, operating between 2011 and 2013, where everything from drugs to illegal services was sold, using bitcoin as a payment method. Its founder, Ross Ulbricht, was arrested in 2013 by US authorities.
Ulbricht was sentenced to life in prison without the possibility of parole on charges as conspiracy to commit money launderingconspiracy to distribute drugs and conspiracy to hack computers.
The Silk Road case has been one of the most resonant in the cryptocurrency ecosystem, marking a before and after in the surveillance and regulation of cryptocurrency transactions.
The debate over what to do with the seized bitcoin has been intensified by recent statements by President Donald Trump.
Trump has expressed interest in keeping these BTC in US custody, with the intention of creating a national reserve, as reported by CriptoNoticias, which could change the course of this sale and further position the United States in the global cryptocurrency market.
