Republican

Donald Trump

Bitcoin

Silk Road

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/supreme-court-rejects-bitcoin-ownership-appeal" data-wpel-link="internal" rel="noopener noreferrer nofollow">Supreme Court Rejects Bitcoin Ownership Appeal</a><br></p>
<p style="text-align: justify">The U.S. Supreme Court has chosen not to hear a significant case concerning the ownership of 69,370 Bitcoins, approximately valued at $4.38 billion. These Bitcoins were seized from the notorious Silk Road dark web marketplace, marking a pivotal moment in cryptocurrency legal battles.</p>
<h2 id="what-led-to-the-court-s-decision">What Led to the Court’s Decision?</h2>
<p style="text-align: justify">Battle Born Investments asserted it had acquired the <a href="https://en.bitcoinhaber.net/whale-acquires-1590-btc-from-binance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> during bankruptcy proceedings; however, both a district court in 2022 and a subsequent appellate court in 2023 dismissed these claims. A ruling from a San Francisco appellate judge confirmed that Battle Born’s claim lacked validity, resulting in the case’s dismissal.</p>
<h2 id="could-this-affect-the-market-dynamics">Could This Affect the Market Dynamics?</h2>
<p style="text-align: justify">This ruling reinforces previous court decisions, paving the way for the U.S. government to proceed with its civil forfeiture efforts. Currently, the government possesses around $2 billion worth of Bitcoin connected to the Silk Road case, held through Coinbase Prime.</p>
<p style="text-align: justify">The potential sale of these Bitcoins might introduce significant selling pressure on the cryptocurrency market, resulting in notable price volatility. Historical data shows that large-scale Bitcoin sales by governments have previously led to instability, with the German government’s sales in mid-2024 causing prices to dip below $60,000.</p>
<p style="text-align: justify">As of October, Bitcoin started with an 8% decline but has since rebounded, trading at approximately $62,305. The U.S. government is preparing to auction off $4.33 billion in Bitcoin, and analysts predict that such sales may lead to substantial market fluctuations.</p>
<p style="text-align: justify">– The Supreme Court’s refusal to hear the case solidifies lower court rulings.<br> – The government retains substantial Bitcoin assets linked to Silk Road.<br> – Potential market disruptions anticipated from future Bitcoin sales.<br> – Historical precedents indicate government sales can significantly impact prices.</p>
<p style="text-align: justify">The landscape of U.S. government policy regarding Bitcoin appears to be evolving, with Republican candidate Donald Trump proposing the establishment of a Bitcoin strategic reserve should he win the election. This proposed strategy reflects a broader shift in governmental attitudes towards cryptocurrency management.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/supreme-court-rejects-bitcoin-ownership-appeal" data-wpel-link="internal" rel="noopener noreferrer nofollow">Supreme Court Rejects Bitcoin Ownership Appeal</a></h5>

Supreme Court Rejects Bitcoin Ownership Appeal

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