FameEX Hot Topics | Peter Schiff Predicts US Government Will Sell All Seized Bitcoin Before Trump Takes Office

Speculation is mounting that the Biden administration will sell all its seized Bitcoin holdings following former President Donald Trump's pledge to retain all U.S. government bitcoins if re-elected. Economist and gold advocate Peter Schiff believes the Biden administration will sell every bitcoin before Trump takes office. The transfer of $2 billion in BTC by the U.S. government on Monday has fueled this speculation.

At the Bitcoin Conference in Nashville, Tennessee, Trump stated, "If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future." Schiff added to the speculation on Monday by predicting on social media platform X, "If Trump really intended to use seized bitcoin to start a U.S. ‘strategic’ reserve, he’d have kept his intention a secret until he was actually in office. Now that the Biden administration is wise to his plan, they’ll make sure to sell every satoshi before Trump takes office."

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

Following this $2 billion transfer, Arkham Intelligence reported that the funds were divided into two Bech32 bitcoin addresses: one with 10,000 BTC and the other with 19,799.99 BTC. The firm speculated that the 10,000 BTC may have been sent to an institutional custody service.

This ongoing activity and speculation highlight the potential impacts of administrative changes on the handling of the U.S. government's bitcoin holdings. As the situation develops, the crypto community remains watchful of further moves by the current administration.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.