- Peter Schiff claims U.S. plans to sell all Bitcoin holdings, sparked by Trump’s strategic reserve proposal.
- Recent transfer of $2 billion Bitcoin raises questions, Schiff suggests it preempts Trump’s use if re-elected.
Peter Schiff, has voiced concerns that the U.S. government intends to sell its entire Bitcoin holdings. This statement follows the recent transfer of $2 billion worth of Bitcoin to new wallets, an event that has sparked speculation regarding the government’s future actions concerning cryptocurrency.
Schiff suggests that the Biden administration might liquidate all seized Bitcoin to counteract former President Donald Trump’s proposed strategy of utilizing Bitcoin as a U.S. strategic reserve.
If #Trump really intended to use seized #Bitcoin to start a U.S. "strategic" reserve, he'd have kept his intention a secret until he was actually in office. Now that the #Biden administration is wise to his plan, they'll make sure to sell every Satoshi before Trump takes office.
— Peter Schiff (@PeterSchiff) July 29, 2024
According to Schiff, the timing of Trump’s public announcement at the Bitcoin Conference 2024—proposing to keep the U.S. Bitcoin holdings as a strategic reserve—was ill-advised. He argues that Trump should have kept these plans confidential until potentially returning to office.
This allegation implies that the current administration is preemptively moving to sell off Bitcoin holdings to prevent Trump from using them if he were to regain the presidency. Schiff’s assertions raise questions about the U.S. government’s stance on cryptocurrencies and their potential use as strategic reserves.
The recent transfer of Bitcoin, originally confiscated from the Silk Road marketplace, is because it underscores the government’s capability and willingness to mobilize large crypto assets quickly.
Trump’s previous announcement had initially been viewed positively by the crypto community, suggesting a potential shift towards a more supportive government posture towards cryptocurrencies.
However, the movement of these assets, coupled with Schiff’s comments, has stirred concerns about market stability. Speculation about a possible large-scale selloff by the government could lead to considerable market fluctuations and impact investor sentiment.
