10,000 BTC, worth nearly $600 million, has been moved by the United States government to a Coinbase Prime address
The United States government has moved 10,000 BTC, currently worth nearly $600 million, to a Coinbase Prime address.
According to Arkham, the funds were confiscated from the defunct Silk Road web marketplace.
The latest transfer follows a previous move of roughly 29,800 Silk Road Bitcoin, valued at nearly $2 billion, in late July.
While deposits to a centralized exchange often signify intention to sell the assets, today’s transfer could be linked to the early July partnership between Coinbase and the U.S. Marshals Service to “safeguard and trade” U.S. government crypto assets. It’s not clear what usually happens with the BTC after arriving on Coinbase Prime.
The US government is currently the top holder of Bitcoin among world governments, with the bulk of this sum coming from various confiscations of crypto assets from bad actors. Based on today’s prices, this massive cache is valued at roughly $12.3 billion.
Republican Presidential nominee Donald Trump has promised not to sell any of the US government’s BTC holdings if he reclaims the White House. He also revealed to Bitcoiners at the recent Bitcoin Nashville Conference that he intends to create a “strategic Bitcoin stockpile”. On another occasion, the former U.S. president floated the possibility of paying off the government’s $35 trillion debt pile with the benchmark cryptocurrency.
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