1. News
  2. News
  3. Will Bitcoin Collapse If the US Sells Silk Road BTC? Bitwise CIO Explains!

Will Bitcoin Collapse If the US Sells Silk Road BTC? Bitwise CIO Explains!

ABD, Silk Road BTC’lerini Satarsa Bitcoin Çöker mi? Bitwise CIO'su Açıklıyor!
Share

Share This Post

or copy the link

Bitwise CIO Matt Hougan commented on the impact on the market if the US government sells Bitcoin. Moreover, he suggested that in the event of such a sale, the Donald Trump administration would buy them back. Bitcoin critic Peter Schiff predicts that the Biden government will sell these BTCs before January 20th. Schiff is even encouraging it to do so.

Bitwise CIO comments on potential US Bitcoin sale!

Bitwise CIO Matt Hougan said that if the US government actually sells its $6.5 billion Silk Road stash in the remaining days of the Biden Administration, the market will take it. He suggested that if the Biden administration sells it, the new Trump-led administration will buy it back. However, Trump has yet to comment on this. Therefore, it remains unclear whether this will actually happen.

Hougan’s comments come after a court gave the green light for the government to liquidate 69,000 BTC ($6.5 billion) seized from the dark web marketplace Silk Road. Meanwhile, while the US wants to dispose of these BTC, other countries want to create a Bitcoin Reserve. Bhutan’s Gelephu Mindfulness City recently announced plans to add Bitcoin, Ethereum and BNB to its reserves.

Gold bug Peter Schiff has a different view

Bitwise CIO predicts that the Donald Trump administration will buy them back. However, Bitcoin critic Peter Schiff suggests that this is highly unlikely. As you have been following from Kriptokoin.com, the famous economist said that the US president-elect will not buy back these coins. Hougan, on the other hand, claimed that the Biden government would get more if it sold its BTC stash before Trump took office.

Schiff also suggests that the Biden government will sell these coins before January 20th. He noted how since the elections in November last year, the current administration has warned that it would sell all US-owned BTC before Trump took office. Schif said Trump’s only campaign promise was not to sell US-owned BTC. But he added that he did not promise to buy more. It is possible that the $6.5 billion sale by the US government will have a significant impact on the Bitcoin price.

Is the Bitcoin price ready for a recovery?

Crypto analyst Ali Martinez provided some optimism amid the recent Bitcoin price crash. In an X post, he stated that BTC is ready to rebound. The analyst noted that Bitcoin needs to break above $94,600 to move higher. A break above this resistance level could lead to a further rally to $96,300 or even $97,000. Meanwhile, the analyst also revealed that 66.38% of traders on Binance are betting that the Bitcoin price will rebound. The analyst noted that these traders have a track record of being right.

Bitcoin

Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !

Will Bitcoin Collapse If the US Sells Silk Road BTC? Bitwise CIO Explains!
Comment