In a recent development, the U.S. Supreme Court has refused to hear Battle Born Investment’s lawsuit against the government over 69,370 BTC seized in the Silk Road darknet market case, giving authorities the ability to collect the seized crypto assets. This paved the way for selling everything. This amount of BTC is currently valued at $4.3 billion.
This news, apart from paving the way for the US government to sell Bitcoin, also created a broader opportunity for several financial experts to voice their opinions on the issue. One of them is peter schiffis known as a fierce cryptocurrency skeptic who insists that the new class of digital assets has no real value.
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As such, he suggested that the U.S. government’s decision to sell such a large amount of Bitcoin may be a rare wise move, noting that a significant drop could negatively impact prices. suggested.
The US government appears to be preparing to sell 69,370 units. #bitcoinworth approximately $4.3 billion at current market value. Governments sometimes do smart things. I think @Sailor should have $MSTR Another $4.3 billion will be borrowed to purchase it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024
Schiff also highlighted that MicroStrategy, led by Michael Saylor, may acquire this Bitcoin through additional borrowings, signaling a bold move by the company. The company has recently been active in the debt market, with multiple bond issuances expected to reach billions of dollars in 2024.
FUD or fact?
Schiff’s warning about the potential for stock prices to fall has become a hot topic. While some say this just adds to the fear, uncertainty, and doubt (FUD) surrounding Bitcoin, given the potential for large amounts of BTC to enter the market and the subsequent impact on supply dynamics. And some think this could be a real cause for concern.
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It remains to be seen whether this is just another bogey for cryptocurrencies, or a repeat of last summer’s sell-off of Bitcoin by Germany.
