U.S. Economist Warns Government May Soon Sell $4 Billion in Bitcoin
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Following a recent decision by the U.S. Supreme Court, the government may soon sell 69,370 Bitcoin (BTC) that were seized from the Silk Road marketplace. A well-known economist and Bitcoin critic has raised concerns that this sale could happen in the near future.
The Silk Road was an illegal online market that operated from 2011 to 2013, created by Ross Ulbricht, who is currently serving a life sentence for crimes including money laundering and drug trafficking. During the investigation, authorities seized a large amount of Bitcoin.
Peter Schiff, a prominent critic of Bitcoin, recently noted that the U.S. government seems ready to sell the 69,370 Bitcoin, valued at around $4.3 billion based on current prices. He called this a "smart" move in a post on X (formerly Twitter) on October 9. Schiff even joked that Michael Saylor, the executive chair at MicroStrategy and a major Bitcoin supporter, should borrow $4.3 billion to buy this Bitcoin, referring to Saylorâs history of making large Bitcoin purchases.
Battle Born Investments filed an appeal, arguing that the Bitcoin was stolen by someone called "Individual X" and should belong to the company through a bankruptcy case related to Silk Road. However, the court ruled against them, and the U.S. Marshals Service will handle the sale once the necessary steps are completed.
Bitcoin Price Update
As of October 9, Bitcoin was trading at $61,770, showing a slight decline of 1.36% in the last 24 hours. Over the past month, Bitcoin has increased by 11.13%. If the government sells the seized Bitcoin, it could lead to big changes in the market, as seen in previous cases. However, it's still unclear when or how the government will move forward, especially with the upcoming presidential election.
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