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DOJ Looks To Dump Bitcoin Before Trump Era

In the latest of a long line of controversial decisions by the outgoing Biden administration, a U.S. federal court has granted the Department of Justice the authority to liquidate 69,370 Bitcoin seized from the Silk Road marketplace. This stash, valued at approximately $6.5 billion, represents the largest crypto forfeiture in American history.

The DOJ has already initiated steps toward liquidation, with portions of the Bitcoin transferred to Coinbase in late 2024, signaling readiness for sale. While the court’s approval has been granted, the process still involves administrative delays and appeal windows.

The timing of the ruling is interesting, coinciding with the upcoming inauguration of President-elect Donald Trump. As previously reported, his administration plans to establish a strategic Bitcoin reserve, a move that stands in stark contrast to the DOJ’s decision to liquidate the Silk Road holdings.

The urgency to sell the Bitcoin has drawn criticism, with many viewing it as an attempt to preempt policy shifts under Trump’s leadership and hinder his return to office. Critics argue that this move, along with other decisions outside the crypto space, appears calculated to inflict as much damage as possible before the outgoing administration relinquishes power.

Who Benefits From This Sale?

Critical questions remain unanswered: who does this sale truly benefit? The people? Unlikely. Liquidating a strategic asset like Bitcoin—an asset some believe could serve as a hedge against future economic instability—does not seem to serve the public's long-term interests. Instead, this action appears more aligned with preserving the interests of entrenched bureaucracies or well-connected financial entities.

How does kneecapping an incoming administration, regardless of one’s views on Trump, serve the well-being of the people? Such actions seem less about safeguarding public resources and more about consolidating control or frustrating a rival’s plans.

The DOJ claims urgency due to market volatility, but this explanation feels hollow when the sale could have been managed more strategically to maximize public benefit—or aligned with a vision to retain and leverage these assets for broader economic resilience.

A Troubling Pattern of Malicious Intent

So who is truly being enriched here? Events like this should serve as a wake-up call to those who still believe that government actions such as these are inherently for the public good. This sale, hastily approved and suspiciously timed, is yet another example of decisions being made with little regard for the average citizen. It underscores how inept, self-serving leadership can act against the public’s interest, with far-reaching consequences.

The German government serve as a fine example of the aforementioned.

You don’t need to be a full on MAGA Trump endorser to see it’s clear his vision of retaining Bitcoin as a strategic reserve reflects a forward-thinking policy. Whether his intentions are entirely altruistic or politically motivated, the contrast with the outgoing administration’s actions couldn’t be starker.

The broader lesson here isn’t about partisan politics but about the urgent need for accountability and a government that genuinely works for its people, rather than “stripping the copper out of the house” before moving out, as one analyst aptly put it.

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Todays Markets

Catch up with @CryptoLandy in yesterdays Wednesday Check-In:

Ordinals

Another strong day for Quantum Cats as they continue to assert their dominance. Over 5 BTC has been traded in the past 24 hours, with NodeMonkes coming in second with almost 3.5 BTC—a great improvement on their recent performance, though their floor still slips slightly.

Bitcoin Frugs, the newcomer today, had a successful mint out yesterday. There’s excitement surrounding them, and at $43 each, they might be a good pick-up if the market recovers.

New mints are tough right now, and many taper off quickly, but it’s nice to see some excitement for a mint again. There’s a chance these could stick around.

Trump’s first Ordinals collection is also seeing some trading activity, with just under 1 BTC sold so far on secondary markets, and a floor price of 0.167 BTC. The total supply is 160, so if Trump decides to do something with these, it could lead to a significant price spike. But at $15,000, it’s a hefty bet in this market.

Another mint from yesterday on Alien Ordinal Artifacts is slightly down from mint price—noodle hands seem to be in control here.

Runes

The Big 4 all make an appearance today in the top 5, nature is healing.

PUPS continue to slide and are now well under the $100M market cap that had long been established as their floor. Is this the most underrated, underpriced memecoin in all of crypto? There's a very strong case for it.

Even DOG is struggling today, despite a slight increase, while RSIC tries to reclaim a position above 2 sats.

As noted yesterday, Runes front-ran the bleeding to death many weeks ago. We may have already suffered enough. When you compare Solana’s memecoins to our Runes, the contrast is stark.

Remember when your favorite newsletter bucked the trend in Issue #90 and included the 11th spot to highlight the possibility that TheDonaldTrump would see a resurgence due to his approaching inauguration date?

That was alpha, because it's up almost 50% since then—we hope you took advantage. Will it go higher as we near the 20th?

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