US Government Moves Bitcoin Worth IDR 28 Trillion After Trump's Speech To 'Unsold'

The US government moved Bitcoin worth IDR 28 trillion after Trump's speech for "not sold" (Photo; Doc. Cincinnati)

JAKARTA - Bitcoin prices fell slightly on Monday after the United States government moved large amounts of Bitcoin from Silk Road crypto reserves. Data from Arkham shows that the US government sent about 28,000 Bitcoins to new addresses. These transactions were carried out in two batches, each worth around IDR 9.4 trillion and IDR 18.7 trillion.

According to Arkham, the funds were likely transferred to institutional custodial services, with Coinbase becoming a potential candidate even though it has not been verified because of its role as the broker platform of US authority's choice. There is no certainty who will oversee the new address. Bitcoin fell about 1% after this news and was traded under IDR 1.01 billion. This decline came after BTC touched IDR 1.06 billion for the first time since last May.

The lack of detailed information about the wallet management has not stopped speculation. Quoted from Crypto news, Tylerhubunganvss, co-founder of Gemini, noted that this transfer came shortly after former President Donald Trump announced his intention to stop all government Bitcoin sales if re-elected. This time sparked further speculation about the current government's plans against state BTC reserves.

The speculators are wondering if the current Democratic government, led by President Joe Biden and Vice President Kamala Harris, plans to sell the country's BTC reserves.

At the Bitcoin 2024 conference in Nashville, Trump promised to turn confiscated BTC Silk Road into a national reserve. His promise to sack Securities and Exchange Commission chairman Gary Gensler was greeted with lively applause from the crypto community. In addition, Trump's campaign highlighted the case of Ross Ulbricht, creator of Silk Road, with many members of the Web3 community supporting his release.