- Schiff predicts Biden will sell off all US Bitcoin holdings after a recent $2 billion transfer.
- Support from Trump boosted Bitcoin, but Biden’s move sent it down 4%.
Peter Schiff, a long-time critic of Bitcoin [BTC]recently predicted that the US government under President Joe Biden will sell all its BTC holdings.
Schiff’s belief stems from a recent move by the Biden administration, which involved transferring $2 billion worth of Bitcoin to an unknown wallet. This development was first identified by the crypto intelligence platform Arkhamhas left the market stunned.
This action took place just days after former President Donald Trump’s speech in Nashville where he promised that the US would never sell its BTC and instead keep it as a strategic asset.
Making the same comment on this, Schiff noted,
“If #Trump really intended to use the seized #Bitcoin to start a US ‘strategic’ reserve, he would have kept his intention secret until he was actually in power.”
He added:
“Now that the #Biden administration is sensible with his plan, they will make sure they sell every Satoshi before Trump takes office.”
Trump and his impact on crypto
It is important to note that Trump’s speech had a positive impact on the crypto market, with BTC approaching the $70,000 level on July 29. CoinMarketCap.
However, following the Biden administration’s recent move, BTC fell more than 4% in the last 24 hours and traded at $66,000.
Needless to say, Schiff wasn’t the only one to criticize the Bidens’ move. Mike NovogratzCEO of Galaxy Digital also went to X, adding:
“Tone deaf anyone??? Moving Silk Road BTC two days after Trump promised not to move them is just stupid!!!!”
The founder of Gemini shared a similar line of thought Tyler Winklevoss who recently donated $1 million in BTC to Trump’s campaign said:
“Great look and great way to reset with our industry.”
Here, Winklevoss suggested that this move sends a contradictory and negative signal to the cryptocurrency industry, indicating instability or inconsistency in the current government’s approach to managing its Bitcoin reserves.
However, this move has not harmed the Trump-leaning crypto community, as highlighted by Gemini’s co-founder Cameron Winklevosswho noted,
‘We’re going to free Ross. We’re going to fire Gary Gensler. We are going to make America and Bitcoin bigger than ever before.”
This was further supported by Polymarkt’s forecast data showing Trump topping the list of ‘2024 Presidential Election Winner’ with 57% of the vote.
