🔥Biden administration sells off Bitcoin, Trump reserve plan hangs on a thread?

The U.S. government's recent large-scale transfer of Bitcoin has caused market concerns that the Biden administration may sell off, and has also cast a shadow on the prospect of Trump's plan to establish a "national Bitcoin reserve".

Background of the event

• The U.S. government transferred $1.92 billion worth of Bitcoin to a new wallet on November 2, of which $963 million has been transferred to Coinbase, possibly for sale. These Bitcoins came from assets confiscated in the Silk Road case, which the U.S. government legally owns and can sell.

• The market speculates that the Biden administration may create obstacles to Trump's reserve plan by selling Bitcoin before leaving office. Trump previously publicly stated that he hopes to use the Bitcoin confiscated by the government as the cornerstone of starting the reserve.

Market reaction

• The transfer once caused market panic, and the price of Bitcoin fell briefly. But past experience shows that the impact of similar selling events is limited. For example, when the U.S. government sold $600 million in Bitcoin, the market fell and then quickly rebounded because institutional funds entered the market to stabilize the price.

• In the long run, companies continue to increase their Bitcoin holdings. For example, giants such as MicroStrategy are still optimistic about Bitcoin as a strategic asset, which has enhanced market confidence.

Future Outlook

• Even if the Biden administration accelerates selling, the market may fluctuate in the short term, but the long-term impact is limited. The current strong institutional buying supports the price of Bitcoin.

• If Trump is successfully inaugurated, he may still use the remaining government Bitcoin reserves to implement his strategic plan. Coupled with the market's increased recognition of Bitcoin as "digital gold", the possibility of future US Bitcoin reserves still exists.

In general, this incident is more of a short-term emotional disturbance, and long-term investors and institutions still have solid confidence in Bitcoin.

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