U.S. Govt to Sell $4.3 Bln in Bitcoin as Peter Schiff Poke Michael Saylor To Buy It All

The post U.S. Govt to Sell $4.3 Bln in Bitcoin as Peter Schiff Poke Michael Saylor To Buy It All appeared first on Coinpedia Fintech News

Economist and Bitcoin critic Peter Schiff, known for teasing Michael Saylor, just shared an unexpected view on Bitcoin. In a surprising twist, he humorously said that MicroStrategy’s CEO should seize the opportunity to buy up the 69,370 BTC the U.S. government is preparing to sell. 

U.S. Government to Sell $4.3 Bln in Bitcoin

The U.S. government is gearing up to sell a massive 69,370 BTC, worth around $4.3 billion, which it seized from the dark web platform Silk Road. This sale follows a recent decision by the U.S. Supreme Court to reject an appeal tied to these funds, clearing the way for the government to move forward with selling this large stash of Bitcoin.

With the Supreme Court’s refusal to hear the appeal, the government now has full clearance to sell the Bitcoin on the open market. 

Looking at the past large government sales, like Germany’s offload of nearly 50,000 Bitcoin, led to major price drops. Now, the crypto community is speculating: will the U.S. sell it off, hold it, or something else? 

However, Republican candidate Donald Trump has promised to create a “strategic Bitcoin stockpile” if elected, while Democrat candidate Kamala Harris hasn’t yet shared her plans for seized crypto.

Peter Schiff’s Proposal: “Let Michael Saylor Buy It!”

Recently Peter Schiff commented on the sale, ironically suggesting that Michael Saylor, a major Bitcoin advocate, should consider purchasing the government-held   69,370 BTC.

Schiff suggested that if an investor is as bullish as Saylor took on this large amount of Bitcoin, it might help reduce market instability from the sale. 

Although it’s unlikely that MicroStrategy would take on this massive purchase, Schiff’s comment reflects mixed feelings in the market. Some are optimistic about the sale’s effect, while others worry it could create a significant market sell-off.

BTC Price Analysis

Bitcoin is trading around $62,471, showing a slight increase over the past 24 hours and maintaining a market cap of $1.23 trillion. However, market sentiment toward Bitcoin appears to be neutral, as highlighted in a recent Coinpedia report.