While the latest court decision shows that the US government has rights over 69,370 Bitcoins worth $4.38 billion seized from the Silk Road dark web market, it has been brought to the agenda that the US can sell these BTCs.
While investors and experts are worried that there will be another wave of decline if the US government initiates a sale similar to the one in Germany in July this year, an interesting comment came from Peter Schiff.
Bitcoin hater Peter Schiff says MicroStrategy and Michael Saylor should buy this Bitcoin if the US government sells it.
Schiff said that MicroStrategy founder Michael Saylor, whose company has been continuously buying Bitcoin since August 2020, should consider borrowing $4.3 billion to purchase those BTCs.
“It appears the US government is preparing to sell 69,370 Bitcoins worth approximately $4.3 billion at current market prices.
The government does something smart every now and then. I think Michael Saylor should have MSTR borrow and buy another $4.3 billion. Who agrees with me?”
Will the US Government Sell Bitcoin (BTC) Until the Election?
Peter Schiff also questioned the “never sell your Bitcoin” strategy, which is also supported by Donald Trump.
Schiff argued that Trump’s promises to “never sell Bitcoin” could be rendered invalid by the time he is able to take office, implying that the US will sell more BTC in the lead up to the election.
“He never promised to buy Bitcoin, he just promised not to sell the Bitcoin that the government already has. But when he comes into office, assuming he wins, the government's Bitcoin will have already been sold. So he doesn't have to break his promise.”
Michael Saylor has yet to respond to Peter Shiff's post.
*This is not investment advice.