• The United States government has sold 9,861.1707894 Bitcoin for a total of $215,738,154.98 and still plans to sell 41,490.72 bitcoin in four more batches this year.
• The Silk Road was a darknet marketplace used to sell drugs and its founder Ross Ulbricht was convicted and sentenced to life in prison in 2015.
• Bitcoin recently dropped from all-time highs of $69,000 to local lows of below $16,000 and other institutions such as MicroStrategy have been buying it up.
History of the Silk Road
The Silk Road was a darknet marketplace that was used to sell drugs, amongst other services. Ross Ulbricht, the founder of the Silk Road, was convicted in 2015 and sentenced to life in prison without parole for entirely non-violent charges illustrating the government’s desire to make an example of those who build platforms outside their jurisdiction.
Government’s Sale of Bitcoin
The United States government has been selling bitcoin confiscated from the Silk Road case in 2013. According to a court filing, the government sold 9,861.1707894 Bitcoin on March 14, 2023 for a total of $215,738,154.98 with net proceeds for the government being $215,522,416.83 after transaction fees were taken into consideration. The government also revealed that there are still around 41,490.72 bitcoin left to be sold which they plan to sell in four more batches over this year through open market sales instead of auctions like previously done before now..
Bitcoin Art Gallery Exhibit
Bitcoin Magazine recently opened an art gallery in Nashville Tennessee which currently houses a life-size jail cell Ross Ulbricht exhibit including art that Ulbricht made while imprisoned as well as writings from him seeking clemency due his double life sentence without parole for non-violent charges he committed by building platforms outside their jurisdiction .
Price Action of Bitcoin Recently
Bitcoin’s price action as of late has been exciting for those who watched it fall from all-time highs of $69000 down to local lows at less than $16000 however despite the governments sale of bitcoin some other institutions such as MicroStrategy have been acquiring it demonstrating that investing sentiment is still high despite its recent drops .
Conclusion
In conclusion ,the United States government has been selling bitcoin confiscated from the Silk Road case since 2013 with plans on continuing till all bitcoins seized are sold off ,the silk road itself being a darknet marketplace used mainly for selling drugs resulting in its founder Ross ulbricht receiving two life sentences without parole leading too much public outcry due him not committing any violent crimes while also sparking interest among people when Bitcoin magazine opened an artsy jail cell exhibit dedicated too him . Lastly ,bitcoin’s price has only seemed too fluctuate dropping from all time highs yet institutions such as microstrategy continue buying up bitcoin indicating investors faith remains high .