The United States court gave its authorization to the Department of Justice to sell off 69,370 worth of Bitcoins after it was able to retrieve them from a hacker, making it the largest crypto seizure in history. The Justice Department previously planned to sell off the top crypto assets that are in line with the court order instead of holding on to it, particularly as its price is still considered volatile.
Currently, Bitcoin is enjoying its valuation at around $92,000, fresh from its $107,000 all-time high before the year ended, but many are already growing wary of this sale as it may greatly affect President-elect Donald Trump's plans for a US crypto future.
US Seized Bitcoins Now Authorized DOJ to Sell 69,000 Worth
The end of 2024 saw a US court authorizing the Justice Department of their plans to sell 69,370 Bitcoins back to the market, after seizing the stolen assets from a Silk Road hack more than a decade ago. The said hack happened in 2012 before the United States shut down the marketplace, and the theft was only discovered in 2020 when the government continued to investigate Silk Road.
That being said, the hacker agreed to sign over the 69,370 Bitcoins they stole via a consent agreement, but they faced a dispute from Battle Born Investments who claimed that they purchased the assets of a bankruptcy estate from who they believe to be the hacker.
After Battle Born failed to reveal the identity of the hacker via a Freedom of Information Act (FOIA) request according to Ars Technica, the company dropped its claim and led to the government getting the authority to sell it.
DOJ's Bitcoin Sale May Greatly Affect Trump's Crypto Plans
However, Ars report mentioned that the news of this sale greatly affected Bitcoin's price when it was first announced, it is believed that this pushing through could also influence another drop for the top coin. Not only that, it could also affect Donald Trump's plans to create US crypto reserves when he steps into office, particularly as he plans to build them with assets seized in criminal investigations.
Bitcoin is currently playing at $92,000 and for 69,370 Bitcoins to be sold by the DOJ, it is worth nearly $6.4 billion as of this writing.
Bitcoin's Future and Donald Trump's Pro-Crypto Approach
It is safe to say that Bitcoin has a future this 2025 because of Donald Trump's recent win in the 2024 US Presidential elections, particularly as the Republican politician claimed that he will make the top crypto a superpower. Trump has aligned himself with the crypto industry since July of last year, and this brought him immense popularity amongst US investors and whales who are hungry for the industry's rise.
Bitcoin and crypto have a sure future in the United States and the entire crypto industry because of this massive backing from Trump, as not only will he make the US a crypto capital based on his previous statements. Trump also confirmed that he will create a US crypto reserve in the future, with Bitcoin among the coins to be kept by the country, claiming that it is as valuable as gold and oil.
Towards the end of last year, Bitcoin and the crypto industry were on the right track, and it is proceeding towards a massive growth that was never seen before, with many investors celebrating this significant performance. However, the DOJ's decision to sell off the seized Bitcoins already made an impact on the price, and now that it got the authorization it needs, many are fearing that it may affect Trump's plans for this year and the future.
