Speculation is growing that the Biden administration will sell all its seized bitcoin holdings after former President Donald Trump pledged to ensure the U.S. government keeps all of its bitcoins if re-elected. Economist and gold advocate Peter Schiff believes the Biden administration will sell every bitcoin before Trump takes office. The transfer of $2 billion in BTC by the U.S. government on Monday has intensified this speculation.
Peter Schiff: US Government Will Sell All Seized Bitcoin Before Trump Takes Office
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Schiff Speculates Biden Administration Will Sell Every Satoshi Before Trump Takes Office
Speculation that the Biden administration will sell all its bitcoin holdings has intensified after former President Donald Trump promised at the Bitcoin Conference in Nashville, Tennessee, on Saturday to ensure the government keeps all its seized bitcoin if re-elected.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump said. Gold advocate and bitcoin critic Peter Schiff added to the speculation on Monday, predicting on social media platform X:
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.
The U.S. Department of Justice (DOJ) transferred 29,799.99 BTC to an unknown Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet on Monday. Despite this transfer, the U.S. government wallet still holds 183,439 BTC, valued at over $12 billion, according to Arkham Intelligence data.
Following this $2 billion transfer, Arkham Intelligence reported that the funds were divided into two Bech32 bitcoin addresses: one with 10,000 BTC and the other with 19,799.99 BTC. The firm speculated that the 10,000 BTC may have been sent to an institutional custody service.
Do you think the Biden administration will sell its bitcoin holdings before the 2024 election? Let us know in the comments section below.
