US economist warns government ‘preparing’ to sell $4 billion worth of Bitcoin

Following the US Supreme Court’s recent decision to allow the government to sell the 69,370 Bitcoins (BTC) seized from the infamous Silk Road marketplace, a renowned economist and one of Bitcoin’s most prominent critics has warned that this could happen very soon.

Indeed, Silk Road was an anonymous online *e-commerce marketplace active from 2011 to 2013, launched by Ross Ulbricht, who is currently serving a life sentence for crimes including money laundering and narcotics distribution, and authorities seized Bitcoin as part of the investigation.

Specifically, Peter Schiff recently stated that it appeared the U.S. government was preparing to sell 69,370 Bitcoins worth about $4.3 billion at the asset’s current price, calling the move “smart,” according to the economist’s X post published on Oct. 9.

He also suggested that Michael Saylor, the CEO of MicroStrategy (NASDAQ: MSTR) and a vocal Bitcoin enthusiast, should have his company “borrow another $4.3 billion and buy” that BTC, alluding to Saylor’s Bitcoin buying habits.