Nov 5, 2020 - Technology

Bitcoin value jumps after DOJ seizes record amount

Orion Rummler

A battle over Bitcoin is brewing in California's 45th congressional district — Illustration: Lazaro Gamio/Axios

The value of a single bitcoin cracked $15,000 Thursday afternoon, following a Justice Department seizure of about $1 billion worth of the cryptocurrency from the dormant dark web site Silk Road.

Why it matters, via Axios' Dan Primack: This is the largest-ever U.S. government seizure of Bitcoin to date. The confiscation caused prices to jump because so much was taken out of circulation — but, the government could likely auction it all off later.

What they're saying: “Silk Road was the most notorious online criminal marketplace of its day,” U.S. Attorney David Anderson said in a press release, per Vice News.

“The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go? Today’s forfeiture complaint answers this open question at least in part. $1 billion of these criminal proceeds are now in the United States’ possession.”

Editor's note: This story has been updated to reflect that the value of a single bitcoin has reached $15,000, not $15,000 per $1.

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Bitcoin value jumps after DOJ seizes record amount

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