Should MicroStrategy Seize the Opportunity to Buy U.S. Government’s Bitcoin?
The recent court ruling affirms that the U.S. government holds rights to 69,370 Bitcoins, valued at approximately $4.38 billion, which were seized from the Silk Road dark web market.
This has led to speculation about the potential sale of these Bitcoins.
Concerns are rising among investors and analysts about a possible market downturn if the U.S. government proceeds with a sale akin to Germany’s recent actions.
Notably, Peter Schiff, a well-known Bitcoin critic, weighed in on the situation, suggesting that MicroStrategy and its CEO Michael Saylor should consider acquiring these Bitcoins.
READ MORE: Surge in Stablecoin Liquidity Signals Potential Bitcoin Rally
Schiff proposed that Saylor, who has been actively purchasing Bitcoin since August 2020, might want to borrow $4.3 billion to take advantage of this opportunity. He remarked,
“The U.S. government seems poised to sell 69,370 Bitcoins worth around $4.3 billion at current prices. Occasionally, the government makes smart moves, and I think Saylor should leverage MSTR to buy these.”
In addition, Schiff questioned the strategy of “never selling your Bitcoin,” which has been echoed by Donald Trump. He insinuated that Trump’s pledge could be compromised if the government sells its Bitcoins before Trump takes office, suggesting that by then, the promise would no longer matter.
“He never vowed to purchase Bitcoin, just to refrain from selling the existing government holdings. If he wins, the government’s Bitcoins might already be gone, allowing him to keep his promise,” Schiff said.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
