- Schiff predicts Biden will sell all US Bitcoin holdings after a recent $2 billion transfer.
- Support from Trump boosted Bitcoin, but Biden’s move caused a 4% drop.
As a seasoned financial analyst with over two decades of experience in traditional and digital asset markets, I find myself intrigued by the recent developments surrounding Bitcoin [BTC] and the US government under President Joe Biden.
Peter Schiff, a well-known critic of Bitcoin [BTC], has forecasted that the US administration under President Joe Biden may dispose of their entire cryptocurrency stash.
1. The basis for Schiff’s conviction arises from a recent action taken by the Biden administration, where they transferred approximately $2 billion in Bitcoin to an unidentified digital wallet. This surprising transaction, initially spotted by the cryptocurrency intelligence platform Arkham, has caused quite a stir within the market.
Shortly following ex-President Donald Trump’s address in Nashville, during which he pledged that the United States would not dispose of its Bitcoin but rather keep it as a tactical resource, this event transpired.
Remarking on the same, Schiff noted,
“Had President Trump truly planned to utilize confiscated Bitcoin for establishing a strategic U.S. reserve, he would have concealed this plan until he assumed office.”
He further added,
With the Biden administration now aware of his plan, they will take steps to ensure they offload each Satoshi prior to Trump’s inauguration.
Trump and his impact on crypto
1. Keep in mind that Trump’s speech had a favorable effect on the cryptocurrency market, causing Bitcoin to almost reach $70,000 on July 29th, according to CoinMarketCap.
As a result of the Biden administration’s latest action, Bitcoin plummeted by more than 4% within the last 24 hours, currently being exchanged at approximately $66,000.
It’s worth noting that Schiff wasn’t alone in his criticism; Mike Novogratz, the CEO of Galaxy Digital, voiced similar sentiments on social media platform X as well.
“If you’re tone-deaf, you might not have noticed that moving Bitcoins along the Silk Road just two days after Trump’s promise not to interfere with them seems unwise.”
Tyler Winklevoss, the co-founder of Gemini, has followed a comparable perspective as he recently contributed $1 million in Bitcoin to President Trump’s election campaign.
“Great look and great way to reset with our industry.”
Winklevoss here expressed concern over this action, implying it creates conflicting and unfavorable messages for the crypto sector. This could be perceived as uncertainty or incongruity regarding the government’s handling of its Bitcoin holdings.
1. In contrast to what some might expect, this move did not negatively impact the pro-Trump crypto community, according to Cameron Winklevoss, one of the co-founders of Gemini.
1. “Our plan is to release Ross, dismiss Gary Gensler, and strive for an exceptional America and Bitcoin.”
The evidence was reinforced by Polymarket’s prediction data indicating that Trump held a substantial lead in the “Presidential Election Winner 2024” poll, amassing approximately 57% of the votes.
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2024-07-30 16:08