- The US government transferred some of its Bitcoin stash to Coinbase this week.
- The government has about $2 billion worth of Bitcoin in wallets seized from Silk Road on the dark web.
- Approximately 2,000 Bitcoins, worth approximately $130 million, were transferred to Coinbase.
The US government has moved part of its Bitcoin stash to Coinbase, according to a closely monitored cryptocurrency wallet on the blockchain.
This cryptocurrency wallet is known to be owned by the US government and stems from the seizure of Bitcoin from the dark web's Silk Road. Silk Road was a global e-commerce website that facilitated the transfer of illegal drugs, weapons, and other illegal activities. Bitcoin was shut down in 2013.
On Tuesday, the U.S. government transferred $65 worth of Bitcoin to a wallet address stored at Coinbase, according to Arkham Intelligence. The first transfer was seen as a test to ensure proper connection to your Coinbase Prime account.
From there, the U.S. government executed a transfer of 2,000 Bitcoins worth approximately $131 million to the same Coinbase wallet. Earlier this year, the U.S. government announced plans to sell approximately $13 million worth of Bitcoin after receiving approval from the Maryland District Court.
Market participants are closely monitoring transactions in the U.S. government's cryptocurrency wallets, as large sales could affect the price of Bitcoin.
There are still 30,000 Bitcoins worth about $2 billion at current prices in the U.S. government's cryptocurrency wallet resulting from the Silk Road confiscation.
This is not the only Bitcoin owned by the US government. Another U.S. government cryptocurrency wallet contains approximately 94,600 Bitcoins worth more than $6 billion seized from hackers.
