Bitcoin Critic Peter Schiff humorously suggests Michael Saylor should buy U.S. government's Bitcoin
- Patricia ArquetteOriginal
- 2024-10-09 19:34:24849browse
The Supreme Court's decision allows the U.S. government to sell 69,370 seized Bitcoin assets. Previous German government Bitcoin sales led to price drops
Bitcoin critic and economist Peter Schiff shared an interesting view on Bitcoin. In a humorous twist, he suggested that MicroStrategy’s CEO Michael Saylor should seize the opportunity to buy up the 69,370 BTC that the U.S. government is preparing to sell.
The U.S. government is gearing up to sell a massive 69,370 BTC, valued at around $4.3 billion, which were seized from the dark web platform Silk Road. This sale comes after the U.S. Supreme Court declined an appeal on these funds, allowing the government to proceed with the sale of this large stash of Bitcoin.
With the Supreme Court refusing to hear the appeal, the government now has full clearance to sell the Bitcoin on the open market.
Past large government sales, such as Germany's offload of nearly 50,000 Bitcoin, have resulted in significant price drops. As a result, the crypto community is speculating on whether the U.S. will sell, hold, or take other actions with these BTC.
Republican candidate Donald Trump has promised to create a “strategic Bitcoin stockpile” if elected, while Democrat candidate Kamala Harris has not yet disclosed her plans for seized crypto.
Recently, Peter Schiff commented on the sale, suggesting in an ironic way that Michael Saylor, a strong Bitcoin advocate, might consider purchasing the government-held 69,370 BTC.
It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
Schiff's suggestion is that if an investor is bullish like Saylor on this large amount of Bitcoin, it could help reduce market instability from the sale.
While it's unlikely that MicroStrategy would undertake this massive purchase, Schiff's comment reflects the mixed feelings in the market. Some are optimistic about the sale's impact, while others are concerned about a potential market sell-off.
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