U.S. Government May Sell $4 Billion in Bitcoin Soon!
Following the Supreme Court’s decision allowing the government to sell 69,370 Bitcoin (BTC) seized from the Silk Road marketplace, a prominent economist warns that this move could happen imminently.
Economist Peter Schiff pointed out that with Bitcoin currently valued around $61,770, this sale could net the government approximately $4.3 billion. He suggested that MicroStrategy’s Michael Saylor should consider borrowing funds to scoop up this Bitcoin, given Saylor's known enthusiasm for the cryptocurrency.
The Silk Road, an infamous black market, was operational from 2011 to 2013, and the seized Bitcoin is now set to be liquidated following a court ruling. The recent refusal of the Supreme Court to hear an appeal concerning the Bitcoin's ownership clears the way for the U.S. Marshals Service to handle the auction.
As of now, Bitcoin has seen a slight decline of 1.36% in the last 24 hours, with notable volatility anticipated if the government moves forward with the sale.
Stay tuned as we monitor this developing situation, especially with the presidential election on the horizon!
Not financial advice!
