In a humorous dig at the debate over a strategic Bitcoin BTC/USD reserve, influential economist Peter Schiff speculated on Sunday whether President Joe Biden will sell some of the state-owned BTC just ahead of Donald Trump’s presidential inauguration.
What Happened: Schiff took to X, saying, “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 sarcastic post comes in the context of President-elect Trump’s reported plans to declare cryptocurrency a national priority and create a national Bitcoin reserve that would include the government’s current Bitcoin holdings.
This is the last night #Biden has to sell some of the #Bitcoin that @realDonaldTrump promised his #crypto supporters he would use to create a Bitcoin Strategic Reserve. Let’s see if he takes advantage of the opportunity.
— Peter Schiff (@PeterSchiff) January 19, 2025
The pledge to create a national Bitcoin stockpile was one of Trump’s biggest election promises to gain support from cryptocurrency enthusiasts. It’s not yet clear whether the incoming administration will buy additional Bitcoin or simply declare the current stash the U.S. government holds as a strategic reserve.
The U.S. government holds around 198,109 BTC, valued at $20.14 billion, according to on-chain analytics firm Arkham.
A report earlier this month suggested that the Justice Department got a green light to sell about 69,370 BTCs. However, on-chain data as of this writing revealed that the holdings were intact.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Why It Matters: Schiff’s cheeky remark reflected his skepticism toward a national Bitcoin reserve. He previously stated that a Bitcoin reserve could be the ‘worst monetary mistake’ the U.S. could make.
Furthermore, he highlighted the lack of congressional support for the Bitcoin reserve bill, stating that apart from Senator Cynthia Lummis (R-Wyo.), who introduced the bill, and Rep. Ro Khanna (D-Calif.), the bill has failed to garner any co-sponsors or significant attention among lawmakers.
Price Action: At the time of writing, Bitcoin was exchanging hands at $101,602.76, down 2.99% in the last 24 hours, according to data from Benzinga Pro.
Image via Flickr/ Gage Skidmore
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