Bitcoin critic Peter Schiff has suggested that MicroStrategy will buy up BTC assets seized by the US government amid President Donald Trump's crypto pledges.
The US Supreme Court has refused to hear a case regarding the ownership of 69,370 Bitcoins seized by the government from the Silk Road dark web market. The decision gives the US government full control over the $4.38 billion worth of Bitcoin claimed by Battle Born Investments.
The company claimed that it had purchased the rights to the virtual currency through a bankruptcy estate, but had unsuccessfully challenged it. The government now appears free to sell Bitcoin assets.
Critics’ reaction to Bitcoin regulation
The Supreme Court's decision drew attention not only from long-time Bitcoin critic Peter Schiff, but also from the community. Schiff, who is known for his Bitcoin skepticism, commented that the U.S. government's move was a rare example of what he described as a “wise” move.
Schiff suggested that MicroStrategy, a large Bitcoin holder led by Michael Saylor, should consider borrowing $4.3 billion to buy the seized Bitcoin. The comment was a satirical shot at Saylor and was part of a long-running campaign to ridicule the MicroStrategy chairman's defense of Bitcoin.
The US government appears to be preparing to sell 69,370 units. #bitcoinworth approximately $4.3 billion at current market value. Governments sometimes do smart things. I think @Sailor should have $MSTR Another $4.3 billion will be borrowed to purchase it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024
Schiff remains a vocal critic of Bitcoin, noting that while the cryptocurrency has all six characteristics of sound money, it lacks the element he considers most important: intrinsic value. He emphasized. His statements continue to stir up debate within the Bitcoin community, with his opinions often clashing with supporters of the digital asset.
Bitcoin movements related to President Trump’s pledges
Interestingly, Schiff's remarks came on the heels of notable Bitcoin transfers by the US government. Two months ago, the government Moved 29,800 Bitcoins, worth $2 billion, were sent to unknown wallets. The move comes on the heels of former President Donald Trump's pledge during the Bitcoin 2024 conference.
Trump assured the audience that if elected in November, the U.S. government would not sell any of its Bitcoin holdings. But since the government has already moved most of the bitcoin, Schiff claimed By the time Trump is likely to become president, his promises may be meaningless.
As the government continues to manage its virtual currency holdings, Senator Cynthia Lummis introduced A bill that would make Bitcoin a strategic reserve asset of the United States. The proposal aims to acquire 5% of the total Bitcoin supply and treat it as a treasury asset.
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