The United States Government has transferred more than $2 billion worth of Bitcoin (BTC) from the stash it seized from the dark web marketplace Silk Road. This marks one of the largest Bitcoin transfers from the government in recent times. Following this development, BTC erased its gains and moved into the red zone.
Bitcoin is not safe from government selling pressure!
According to Arkham Intelligence, the transfer is linked to a wallet address labeled “US Government”: Silk Road DOJ Confiscated Funds (bc1qj)”. This wallet moved approximately 29,800 BTC in two tranches. In the first, 27,799 BTC and another BTC worth 0.001 BTC were transferred to a different wallet. While the on-chain data shows transparency in the movement of funds, the reasons for these transfers are immediately unclear. The US Government chose to make this move weeks after the German Government ended its offer to sell BTC.
Meanwhile, speaking at the Bitcoin 2024 Conference, Donald Trump stated his intention to prevent the US government from selling BTC assets if he returns to the presidency. According to Arkham Intelligence’s on-chain data, the government’s Bitcoin holdings include approximately 213,000 BTC worth roughly $15.1 billion.
Experts Discuss Trump’s Bitcoin Plan
As you have been following on Kriptokoin.com, former President Donald Trump’s BTC policy plan has sparked different reactions from industry experts. While some see potential benefits, others express significant concerns. Anthony Scaramucci, founder of SkyBridge Capital, expressed his support for Donald Trump’s Bitcoin policy announced at the Bitcoin 2024 Conference. He praised Trump for pushing Bitcoin into the political spotlight. Moreover, he emphasized that bipartisan support is needed for this.
However, Anthony Scaramucci also raised concerns about the broader implications of Trump’s approach. Despite his agreement on the crypto front, he acknowledged the risks associated with Trump’s policies. “But I’m not a single-issue voter and I understand the danger he represents,” Scaramucci added.
Peter Schiff criticized the ‘never sell your BTC’ ideology!
Despite the optimism, renowned economist Peter Schiff criticized the ‘never sell your Bitcoin’ ideology promoted by prominent figures. Schiff questioned the practicality of holding BTC without ever selling it, drawing a parallel to living in poverty while holding a valuable asset. He argued that such a strategy could be economically flawed. “If that’s true and no one who buys Bitcoin ever sells it, what’s the point of owning it? What’s the appeal of living in poverty, dying with a huge pile of BTC, and having successive generations of heirs repeat the process?” Schiff asked.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
