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So what happens to bitcoins which were seized by the US government?

They typically get auctioned off, much like other property seized in asset forfeiture proceedings.

That's an interesting angle in the "is Bitcoin really a currency or is it just property?" argument. What would happen if the US government seized a billion dollars worth of foreign cash?

Would that get auctioned off too? Seems like a weird auction, selling money.

https://en.wikipedia.org/wiki/Foreign_exchange_market

It's a security.

Securities are traded like currency because the security represents a proof of ownership.

Why go through the trouble? Count it as "revenue" and destroy it.

If the govt wants 1B in cash there are easier ways to get it.

Barr gives them to Trump to help pay off some of his debts before he flees the country

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