U.S. Economist Warns Government Could Soon Sell $4 Billion in Bitcoin
After the recent decision by the U.S. Supreme Court to allow the government to sell 69,370 Bitcoin (BTC) seized from the Silk Road marketplace, a well-known economist and Bitcoin critic is warning that this sale could happen soon.
The Silk Road was an online black market, active from 2011 to 2013, created by Ross Ulbricht, who is now serving a life sentence for crimes such as money laundering and drug trafficking. As part of the investigation, authorities seized a large amount of Bitcoin.
Peter Schiff, a prominent critic of Bitcoin, recently pointed out that the U.S. government seems to be preparing to sell these 69,370 Bitcoin, which are worth around $4.3 billion at current prices. He called the move "smart" in a post on X (formerly Twitter) on October 9. Schiff even joked that Michael Saylor, the executive chair at MicroStrategy and a big Bitcoin supporter, should borrow $4.3 billion to buy this Bitcoin, referring to Saylor's habit of purchasing large amounts of BTC.
The appeal was filed by Battle Born Investments, which argued that the Bitcoin was stolen by an individual known as "Individual X" and should belong to the company through a Silk Road-related bankruptcy case. However, the courts ruled against them, and the U.S. Marshals Service will handle the sale after the necessary steps are completed.
Bitcoin Price Update
As of October 9, Bitcoin was trading at $61,770, with a slight decline of 1.36% in the past 24 hours. Over the past month, Bitcoin has gained 11.13%. If the government proceeds with the sale of the seized Bitcoin, it could cause significant market fluctuations, similar to past events. However, it's still uncertain when or how the government will move forward, especially with the upcoming presidential election.
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