The US government moved $1.92 billion of Bitcoin into new wallets, $963 million of which went immediately to Coinbase. These assets came from the Silk Road seizure, so the US can legally sell them all.

Community members are concerned that President Biden is attempting to sell off the US supply before Trump’s inauguration, hampering his plans to create a Bitcoin Reserve.

The US Bitcoin Reserve

According to data from the on-chain intelligence platform Arkham, the US government moved Bitcoin worth $1.92 billion into new wallets on Monday, November 2. These assets were split into two new wallets, one of which subsequently moved $963 million in BTC to Coinbase.

These bitcoins came from Silk Road seizures, which the US government can legally sell, prompting fears of a massive dump:

“Is the government planning to sell Bitcoin before Trump takes office? Outgoing administrations should not undermine the incoming President, as the people have already voted them out,” said Carl B. Menger, an industry commentator.

Specifically, industry rumors fear that President Joe Biden is using his lame-duck period to deliberately hamstring President-elect Donald Trump. As a campaign promise, Trump swore to create a US Bitcoin Reserve, beginning with the federal government’s substantial holdings.

The US is currently one of the largest BTC holders due to its continuous crackdown on illegal entities and dark web criminal groups. These holdings can potentially help Trump establish a national Bitcoin r

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Author: Landon Manning