The US Government takes profits from Bitcoin

xuanling11
Coinmonks
Published in
1 min readApr 2, 2023

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Photo by Wance Paleri on Unsplash

The US government dumps a total of around 51,352 Bitcoin into the market from the Silk Road marketplace dated back in 2014. It is estimated around $3B is worth of money the government will earn from Bitcoin selling.

The extra amounts of Bitcoin may increase the supply of the existing market which will bring down the value of Bitcoin if that is how the crypto market works.

However, there are more buyers than sellers in the market.

Since the Fed has lost their way to control the economy, they are struggling to bring down inflation without triggering an unemployment wave while Bitcoin will become resilient.

I don’t think selling Bitcoin in the market will have any impact in the coming months.

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