If there is a massive sell-off, it is likely that there will be an impact on the price of BTC.
Bitcoiner Samson Mow downplays Silk Road’s potential BTC sale.
The president of El Salvador, Nayib Bukele, reacted to the news that the United States Department of Justice (DOJ) already has the green light to put the almost 70,000 bitcoin (BTC) seized from the fallen Silk Road marketplace for sale.
In X, the president commented: “Maybe we will all have the opportunity to buy bitcoin at a discount!” Bukele suggests this because Silk Road’s sale of 69,370 BTC could impact the price of the digital currencypossibly making it more accessible to investors.
The government of El Salvador could be one of those investors, who would take advantage of the hypothetical sale situation to expand your BTC treasury. This country has a reserve of more than 6,000 bitcoin, valued at more than 550 million dollars, at the time of writing this note.
As CriptoNoticias reported earlier, federal judge Richard Seeborg ruled that the DOJ already has permission to sell that massive amount of BTC, equivalent to about USD 6.5 billion.
Silk Road was a notorious darknet online marketplace, operating between 2011 and 2013, selling everything from drugs to illegal services, and allowing the use of bitcoin as a means of payment, according to the allegations. Ross Ulbricht, the creator of Silk Road, was arrested in 2013 and sentenced to life in prison in 2015. The seized BTC They have been held for several yearsresulting in a significant accumulation of value.
Downplaying importance
On the other hand, there are voices within the Bitcoin ecosystem that they downplay the possible sale of BTC by the DOJ.
Samson Mow, CEO of JAN3, express: “Is the Department of Justice selling? Maybe. Maybe not. All I know is that when bitcoin is at $500,000, you’ll be praying that some mindless bureaucrat sells some BTC for no good reason.” Thus, the executive highlights that the long-term impact of the sale could be minimal compared to the growth potential of the digital currency.
The bitcoiner known as Crypto King also commented about the situation, saying that the DOJ “has had this amount before” and that they often sell it to private buyers.
“It does not benefit them at all to sell that amount at bargain prices,” he said, indicating that the DOJ could opt for sales strategies that do not drastically alter the market.
However, remembering past events, cryptocurrency trader and investor LuistoXBT mentioned the case of the sale of 50,000 BTC by Germany last year, an event that, as CriptoNoticias reported, set the market back. This precedent shows how government sales of large amounts of BTC They can influence the price, although the reaction is not always predictable.
The sale has not been executed
Until now, the sale has not been executed. The Silk Road wallet, currently in the hands of the FBI, has not reported any exit movements, according to reports. reflects on BitInfoCharts.com, suggesting the move is still pending or in the planning process.
This situation keeps the Bitcoin community attentive, waiting to see how it will play out and what the real impact will be on the cryptocurrency market once the sale takes place, if it happens.
The sale of these Silk Road BTC is an event that could offer purchasing opportunities at lower prices, but it also highlights the volatility and uncertainty that characterize this market.
