• The US government recently sold 9,861.1707894 Bitcoin confiscated from the Silk Road case in 2013.
• The proceeds of the sale totaled $215,522,416.83 after transaction fees and more bitcoin is set to be sold in four batches this year.
• Bitcoin Magazine opened an art gallery with a jail cell exhibit for Ross Ulbricht and bitcoin prices have been volatile lately.
Government Sale of Confiscated Bitcoin
The United States government has been selling bitcoin confiscated from the Silk Road case in 2013, with a total of 9,861.1707894 Bitcoin selling for $215,738,154.98 on March 14th 2023. After transaction fees were paid, the net proceeds for the government were $215,522,416.83 and there are still 41,490.72 bitcoin left to be sold over the course of this year in four batches through open market sales instead of auctions as was previously done.
Silk Road & Ross Ulbricht
The Silk Road was a darknet marketplace used to sell drugs before it was shut down and its founder Ross Ulbricht was convicted in 2015 and sentenced to life imprisonment without parole for non-violent charges which some argue demonstrates the government’s desire to make an example out of those who build platforms outside their jurisdiction. In response to this sentence, Bitcoin Magazine opened an art gallery featuring a life-size jail cell exhibit filled with art made by Ulbricht while he was imprisoned as well as his writings urging clemency from his sentence..
Volatile Price Action
Bitcoin’s price action has been quite volatile recently dropping from all-time highs at around $69000 per coin down to local lows below $16000 per coin while other institutions such as MicroStrategy have been actively acquiring large amounts of it throughout this period showing that despite its volatility it remains popular amongst investors seeking passive income or long term gains due to its decentralized nature and increasing acceptance worldwide as a medium of exchange..
The US government’s sale of confiscated bitcoins shows that cryptocurrencies remain popular amongst investors despite their volatility and that there may be more opportunities available soon given what appears to be continued acquisitions from other institutions such as MicroStrategy alongside these sales from the government itself . It also highlights the controversial sentencing handed down by governments when it comes to founders or operators who build platforms outside their jurisdiction such as Ross Ulbricht whose case resulted in one of many exhibits at Bitcoin Magazine’s art gallery dedicated his story..
Cryptocurrencies remain popular amongst investors despite their volatility but governments can be quick to hand down harsh sentences if they feel threatened by platforms built outside their jurisdiction which shows why it is important to always research any investment thoroughly before committing funds into them..