BTC Price Crash: Is the US Government Set to Sell $2B Bitcoin Holdings? Here’s the Truth

In a recent development, Peter Schiff, a well-known gold enthusiast and staunch Bitcoin critic, took to X to voice his opinions on a statement made by the pro-crypto Donald Trump during a speech at a Bitcoin conference.

What did he say and why is it creating such buzz? Read on.

Trump’s Bitcoin Pledge

Donald Trump’s declaration was huge.

“If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.” 

Peter Schiff quickly responded, suggesting that if Trump truly intended to use the seized Bitcoin to establish a U.S. ‘strategic’ reserve, he would have kept this plan a secret until after taking office. Schiff added that now, aware of Trump’s intentions, the Biden administration would likely sell every satoshi before Trump could assume office.

Bitcoin – The Symbol of Freedom!

In his Nashville speech, Trump emphasized that “Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.” He also vowed to fire SEC Chair Gary Gensler on his first day in office and promised a new SEC Chair to end the Biden-Harris administration’s anti-crypto stance.

Bitcoin Transfer Raises Eyebrows

The U.S. Department of Justice (DOJ) transferred 29,799.99 BTC worth $2 billion to an unknown Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet on Monday. Despite this transfer, the U.S. government wallet still holds 183,439 BTC, valued at over $12 billion, according to Arkham Intelligence data.

This $2 billion transfer by the U.S. government has fueled further speculation. Bloomberg analyst James Seyffart suggested that the transfer might be linked to a deal between the U.S. Marshals Service and Coinbase, adding another layer to the ongoing discussion.

Following this transfer, Arkham Intelligence reported that the funds were split into two addresses: one receiving 10,000 BTC and the other 19,799.99 BTC. The firm speculated that the 10,000 BTC might have been sent to an institutional custody service.

With the future of Bitcoin in the hands of political giants, the coming months promise to be important for the crypto market. Keep an eye out—this story is far from over.