Market participants, including nation-states like El Salvador, are awaiting the next steps the U.S. Department of Justice (DOJ) will take regarding the fate of the bitcoin seized as part of the Silk Road market takedown. On social media, President Nayib Bukele recently hinted at the potential acquisition of some of these coins for his country, taking advantage of the recent market slump to acquire more BTC.
Answering a post reporting on a federal judge greenlighting the sale of these assets, Bukele stated:
Maybe we’ll all get the chance to buy bitcoin at a discount!
Even with the recent pullback in BTC prices, Bukele has deepened its strategic bitcoin reserve strategy, ramping up the acquisitions. The Salvadoran Bitcoin Office reported a new purchase of 11 bitcoin on January 8, showing that Bukele took advantage of the price pull and bought the dip.
In addition, the 1 BTC-per-day purchase timetable announced and implemented by President Bukele last year has continued, allowing the country to maintain one of the largest bitcoin-based dollar-cost averaging programs among nation-states.
While the DOJ has received approval to sell these assets, pulling the trigger on a potential sale would directly contradict the opinions of President-elect Donald Trump on the matter.
Read more: Crypto Community on Edge as Biden’s DOJ Eyes Sale of $6.49 Billion in Seized Bitcoin
“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump stated in his keynote speech at the Bitcoin 2024 conference.
At the time, he stated that, if elected, it would be his policy “to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.”
Read more: Trump at Bitcoin 2024: Vows to Make US the Bitcoin Superpower, Plans to Fire SEC Chair Gensler
Nonetheless, Trump is still President-elect, and it remains to be seen if the DOJ will dump these nearly 70,000 BTC into a market allegedly already shifting to a distribution phase.
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