Peter Schiff Says Biden Sold Some Bitcoin “Last Night” Before Trump Takes Over: “Let’s See If He Takes Advantage of the Opportunity”

Digging into debates about strategy in a humorous way Bitcoin Bitcoin/USD Reserve, influential economist Peter Schiff Guess the President on Sunday Joe Biden Some state-owned Bitcoin will be sold before then Donald Trump’s Presidential Inauguration.

what happened: Schiff told We’ll see if he can capitalize on this opportunity.

The satirical article comes against the backdrop of President-elect Trump’s reported plans to declare cryptocurrencies a national priority and create a national Bitcoin reserve that would include Bitcoin currently held by the government.

The promise to create a national Bitcoin inventory was one of Trump’s biggest promises to gain support from cryptocurrency enthusiasts during his campaign. It is unclear whether the incoming administration will purchase additional Bitcoin or simply declare the Bitcoin currently held by the U.S. government as a strategic reserve.

According to data from on-chain analytics company Arkham, the U.S. government holds approximately 198,109 BTC, worth $20.14 billion.

A report earlier this month showed that the Justice Department had received approval to sell approximately 69,370 Bitcoins. However, on-chain data as of this writing shows that these assets are intact.

See: Italy’s largest bank enters Bitcoin trading with $1 million “test” investment, but CEO says he will not personally invest in Bitcoin

why it’s important: Schiff’s brazen comments reflect his skepticism about the nation’s Bitcoin reserves. He has previously said that Bitcoin hoarding could be the “worst monetary mistake” the United States could make.

Additionally, he highlighted the lack of support for the Bitcoin Reserve bill in Congress, saying that with the exception of senators Cynthia Loomis (R-Wyo.) introduced the bill, Rep. Rokana (D-Calif.), the bill failed to gain significant traction from any co-sponsors or lawmakers.

price action: As of this writing, Bitcoin is trading at $101,602.76, down 2.99% in the past 24 hours, according to Benzinga Pro.

Image via Flickr/Gage Skidmore

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