Donald Trump

Silk Road

Arkham

President Donald Trump

The United States Government has just transferred $2 billion worth of Bitcoin — two days after former President Donald Trump promised that the US would never sell any of its Bitcoin during a speech in Nashville, in what one commentator has labeled "tone deaf."&nbsp;
According to <a href="https://platform.arkhamintelligence.com/explorer/tx/2e0b8f39af7d57989a9f911f211d88541473536b42ee4ebd4503cff525155bb0" target="_blank" rel="noopener noreferrer nofollow">data</a> from blockchain analysis platform Arkham Intelligence, the government wallet — which stored the Bitcoin seized from <a href="https://cointelegraph.com/news/silk-road-bitcoin-justice-department-wallet" rel="noopener noreferrer nofollow">the shuttered</a> dark web marketplace Silk Road in 2022 — transferred 29,800 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) to an unknown wallet address on July 29.
The funds have since moved to another unknown wallet.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/24cb21a6-2c37-4e76-9a68-dad05f8d30d6.png" alt="‘Tone deaf’ — US moves $2B Silk Road BTC after Trump’s stockpile pledge">
 <figcaption style="text-align: center;">The US Government transferred $2 billion worth of BTC on July 29. Source: Arkham Intelligence
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The transfer comes just two days after Donald Trump made a series of pro-crypto promises during a speech at the Bitcoin 2024 conference.
Trump promised the US government would not sell any of its currently-held Bitcoin and <a href="https://cointelegraph.com/news/trump-implement-bitcoin-strategic-reserve-elected-president" rel="noopener noreferrer nofollow">declared that he would make</a> the US the “crypto capital of the world” by rolling out a series of crypto-friendly policies, including <a href="https://cointelegraph.com/news/donald-trump-pledges-fire-sec-chair-gary-gensler#:~:text=The%20Republican%20Party%20candidate%20laid,Party%20presidential%20nominee%20Kamala%20Harris." rel="noopener noreferrer nofollow">firing current SEC Chair Gary Gensler</a>.&nbsp;
In addition to Trump’s promise, Wyoming Senator Cynthia Lummis announced the introduction of legislation to make Bitcoin a strategic reserve asset of the United States.
The Wyoming lawmaker proposed a plan <a href="https://cointelegraph.com/news/senator-cynthia-lummis-united-states-bitcoin-reserve-bill-purchase" rel="noopener noreferrer nofollow">to purchase 5%</a> of Bitcoin’s total supply and hold the digital commodity as a Treasury asset. Lummis called the proposal a 21st-century “Louisiana Purchase,” a reference to the purchase of the American Midwest from the French for $15 million in 1803.
Galaxy Digital CEO Mike Novogratz lashed out at the recent fund movement, calling it “tone deaf” move by the current administrationin a July 29 <a href="https://x.com/novogratz/status/1817962412403998918" target="_blank" rel="noopener noreferrer nofollow">post</a> to X.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/2207fd82-ac86-4226-a609-7640f29e0797.png" alt="‘Tone deaf’ — US moves $2B Silk Road BTC after Trump’s stockpile pledge">
 <figcaption style="text-align: center;">Source: Mike Novogratz
 </figcaption>
</figure>
“Moving Silk Road BTC two days after Trump’s pledge to not move them is just dumb!!!!” Novogratz exclaimed.
Meanwhile, several crypto commentators suggest the transfer could be linked to a July 1 agreement between the US Marshalls Service and crypto exchange Coinbase, when they <a href="https://www.coinbase.com/en-nl/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap" target="_blank" rel="noopener noreferrer nofollow">signed</a> a deal with Coinbase to “safeguard” US Government crypto assets.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/eb2ff0bc-604e-4a95-9df6-f5c1d77b8f91.png" alt="‘Tone deaf’ — US moves $2B Silk Road BTC after Trump’s stockpile pledge" title="">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/adamscochran/status/1817965844829454664" target="_blank" rel="noopener noreferrer nofollow">Adam Cochran</a>
 </figcaption>
</figure>
The US Government currently <a href="https://cointelegraph.com/news/united-states-government-12b-bitcoin-arkham-intelligence" rel="noopener noreferrer nofollow">holds $12 billion in Bitcoin</a> in reserve, with the vast majority of this sum coming from various confiscations and seizures of crypto assets from nefarious actors.
Related:&nbsp;<a href="https://cointelegraph.com/news/united-states-government-12b-bitcoin-arkham-intelligence" rel="noopener noreferrer nofollow">United States government holds $12B in Bitcoin — Arkham Intelligence</a>
Not everyone is optimistic that Bitcoin could become a strategic reserve asset in the US, BlockTower Capital’s chief information officer Ari Paul, saying the odds are not stacked in favor of the outcome that many are looking to with bullishness for the price of BTC in the mid-term.
Paul <a href="https://cointelegraph.com/news/bitcoin-strategic-reserve-united-states-bullish-price" rel="noopener noreferrer nofollow">pinned the chances</a> of Bitcoin becoming a US strategic reserve asset at 10:01 within the next four years.
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/" rel="noopener noreferrer nofollow">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

‘Tone deaf’ — US moves $2B Silk Road BTC after Trump’s stockpile pledge

Cointelegraph

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