The U.S. selling Bitcoin is a "serious strategic mistake," experts say

Experts in the cryptocurrency industry have criticized the U.S. government's decision to transfer approximately $1.9 billion worth of Bitcoin to Coinbase as a "serious strategic mistake." Jason Lowery, an engineer with the U.S. Space Force, emphasized that there is no reasonable price for the U.S. government to sell the Bitcoin it holds, and this reflects a lack of understanding of the importance of this technology. He added that this decision could force the U.S. government to seek justification for a new version of the 1933 executive order banning gold hoarding if they need to buy back the sold Bitcoin due to an unawareness of its true value.

Brian Armstrong, CEO of Coinbase, also agreed that the government's sale of Bitcoin is a mistaken decision, asserting that this supply will be quickly absorbed by the market. To date, the U.S. government has transferred a total of 25,999 Bitcoin, but many believe that these actions are more about custody rather than sales.