The US Supreme Court has officially approved the sale of seized Bitcoin in a recent decision. Indeed, the country is set to move 69,370 BTC from its Silk Road seizure after a recent approval. Moreover, that current stash is valued at around $4.4 billion, with the US Marshal Service overseeing the sale.
What the United States does with Bitcoin has become a point of discourse in recent months. More specifically, it has developed into something of a political issue. With Donald Trump seeking reelection in November, BTC has become a key aspect of his campaign. Earlier this year, he assured his administration would utilize the token as a global reserve asset, insisting he wouldn’t sell any of the country’s current holdings.
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US to Sell $4.4 Billion Worth of Seized Bitcoin After Recent Decision
2024 is the year of Bitcoin. Through its first eight months, the asset has been the best-performing asset by a notable margin. Moreover, it has become a key aspect of the financial system, surging to an all-time high price of $73,000 in March of this year.
That rise has led many to consider the ways in which governments are using the token. Although many have sought for the United States to embrace it, they have yet to make such a move. Indeed, the US is now set to sell 69,370 BTC worth more than $4 billion after a Supreme Court approval.
According to court documents, the Supreme Court turned down an appeal that sought to clarify ownership of the leading crypto. To start the week. Battle Born Investments sought an appearance before the court. The denial of an audience with the country’s highest court affirms North California’s District Court ruling two years ago. Now, the government is set to liquidate the assets under current legislation.
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The United States Marshall Service is set to handle the sale. Consequently, it could become the largest seized Bitcoin sale in the country’s history. It also reinforced the debate on hw the US handles digital asset seizures.
The decision showcases the difference between Trump and the current administration. The former promised to never sell Bitcoin the country had in its procession. Moreover, he even recommended using the token to pay down some of the nation’s ballooning $35 trillion national debt.