Peter Schiff Questions Biden's Bitcoin Sale Opportunity Before Trump Takes Charge

In a recent light-hearted commentary, economist Peter Schiff raised the idea on social media that President Joe Biden might consider selling some of the U.S. government's Bitcoin holdings. This speculation comes just before the anticipated inauguration of Donald Trump, who has plans for a strategic Bitcoin reserve.

What Happened: Schiff, known for his outspoken views on Bitcoin, took to X with a cheeky message, stating, "This is the last night Biden has to sell some of the Bitcoin that Donald Trump promised his crypto supporters he would use to create a Bitcoin Strategic Reserve. Let’s see if he takes advantage of the opportunity." This comment reflects the ongoing discussions about how the incoming Trump administration might handle the current Bitcoin assets.

Trump’s commitment to prioritize cryptocurrency includes creating a national Bitcoin reserve, which would potentially involve the holdings already owned by the government. This proposal has been a significant part of Trump's appeal to cryptocurrency advocates during his campaign.

The U.S. government currently possesses approximately 198,109 BTC, valued at around $20.14 billion according to data from the analytics firm Arkham. Recently, there has been speculation regarding the Justice Department receiving approval to sell about 69,370 BTC, although current on-chain data indicates that these assets have not yet been sold.

Why It Matters: Schiff’s playful jab highlights his skepticism of the national Bitcoin reserve concept. He has previously deemed the establishment of such a reserve as potentially the “worst monetary mistake” the U.S. could undertake. Furthermore, he pointed out the absence of broad congressional support for Bitcoin reserve legislation aside from efforts by Senator Cynthia Lummis and Representative Ro Khanna, which have failed to attract many additional sponsors.

Current Bitcoin Price: At the time of this writing, Bitcoin is trading at around $101,602.76, having decreased by 2.99% in the past day, as reported by finance platforms.

Bitcoin, Biden, Trump