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Biden administration sells off Bitcoin, Trump's reserve plan hanging by a thread?

According to BeInCrypto Global, the U.S. government transferred $1.92 billion worth of Bitcoin to a new wallet, with $963 million going directly to Coinbase. This money was seized from the Silk Road case, and the government has the right to sell it.

There are concerns that President Biden might sell off the U.S. Bitcoin before Trump takes office, which could affect Trump's reserve-building plans.

On-chain intelligence platform Arkham reports that on November 2, the U.S. government transferred $1.92 billion worth of Bitcoin to a new wallet, with part of it, $963 million, going to Coinbase.

These Bitcoins were seized from the Silk Road case, and the government can legally sell them, causing some market fear of a large sell-off.

Industry commentator Carl B. Menger said, "The government wouldn’t sell Bitcoin before Trump takes office, right? We should respect the voters' choice and not sabotage it."

There are rumors that Biden wants to create trouble for Trump while he is still in office. Trump has mentioned wanting to establish a U.S. Bitcoin reserve, starting with what the government holds.

Due to efforts to combat illegal and dark web crimes, the U.S. currently holds a significant amount of Bitcoin. This money could help Trump build his reserves without additional spending.

However, crypto analysts say Biden might take the opportunity to sell Bitcoin now to undermine Trump. He has done this before, such as sending money to Ukraine to prevent Trump from changing policies.

Nevertheless, the crypto community isn't overly concerned. Previously, when the government planned to sell $600 million in Bitcoin, the market dipped, but then institutional funds came in, and Bitcoin rose again.

After this transfer, Bitcoin's price initially fell and then rose. Long-term holders still have confidence, and companies are buying, like MicroStrategy and MARA.

In any case, Trump is likely to use the remaining Bitcoin to build reserves. It will be difficult for Biden to sell it all before January, especially with companies wanting to buy.