Peter Schiff Warns US Government Would Sell Entire Bitcoin Stack before Elections

Peter Schiff said that now that the Biden administration is aware of Donald Trump’s plans to make Bitcoin a strategic reserve, they would take this to their advantage.

On Monday, July 29, the US government transferred a total of 29,000 BTC worth $2 billion confiscated from the Silk Road marketplace. The US government moving its Bitcoins has sent tremors across the broader crypto market with BTC price falling by 4% in the last 24 hours. Bitcoin critic Peter Schiff has warned that the US government could sell all of its holdings before the upcoming Presidential Elections.

As per data from Arkham Intelligence, the US government holds a total of 203,239 BTC valued at under $14 billion. Besides, the recent sell-off comes just two days after former President Donald Trump said that would consider holding Bitcoin reserves as a US strategic reserve and won’t be selling the current holdings.

But the Biden administration seems to acting the exact opposite while putting out their anti-crypto stand in the open. Speaking on the development, Bitcoin critic Peter Schiff said:

“If Trump really intended to use seized Bitcoin to start a US “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.”

Crypto Industry Slams Biden Administration for Anti-Crypto Moves

A large number of crypto market veterans have called out the Biden administration after yesterday’s Bitcoin transfers. Gemini co-founder Tyler Winklevoss said that this is no way to show that you’re willing to work with the crypto industry. He added that such measures send all wrong signals and in no way the crypto industry is going to get swayed by such antics, especially after the anti-crypto stand over the past four years.

On Saturday, @realDonaldTrump pledged to never sell any of the US government’s bitcoin. Two days later, the Biden-Harris Administration moves $2 billion of Silk Road bitcoin. Great look and great way to reset with our industry. 🤡
— Tyler Winklevoss (@tyler) July 29, 2024

A day before Cameron Winklevoss said that Vice President Kamala Harris will be working on a “reset” with the crypto industry. “Beware of the Big Bluff”, warned Cameron.

He added that Kamala Harris should actually walk-the-talk adding that the crypto industry won’t be falling into any bluffs further. Cameron demanded that the first thing that Harris should do is to remove SEC Chair Gary Gensler.