Mr Viral
The US Supreme Court’s decision to toss a case involving ownership claims to 69,370 Bitcoin assets seized from the dark web marketplace Silk Road has garnered significant attention.
This decision gives the US government full custody of the nearly $4.4 billion in Bitcoin, granting it the right to sell or hold them.
Prominent Bitcoin skeptic Peter Schiff commended the court’s decision and suggested that MicroStrategy consider buying the seized crypto assets.
US Supreme Court Declines Case Involving Silk Road Bitcoin Ownership Claims
In 2022, a US District Court dismissed a case between Battle Born Investment and the US government over ownership claims of $4.38 billion in Silk Road Bitcoin.
After a failed appeal in the US Court of Appeals of the Ninth Circuit, Battle Born Investment requested a case review at the Supreme Court. However, the top court declined the firm’s request.
The case’s dismissal allows the US Civil Asset Forfeiture Reform Act to take full effect on the seized Bitcoin. This will enable the government to auction the assets or do as it pleases with them.
July reports suggest the US government has already moved $2 billion worth of the Silk Road Bitcoin to an unnamed wallet address. The recent dismissal gives them clearance to sell more.
Schiff Says MicroStrategy Should Borrow to Buy the Siezed BTC
The recent development has garnered significant attention from the crypto community and Bitcoin opponents. Commenting on the court’s decision to toss the case, long-time Bitcoin skeptic Peter Schiff applauded the US government, tagging it a smart move.
It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024
Schiff noted that the US government is gearing up to sell $69,370 Bitcoin at current market prices.
In what seems like a sarcastic jab at Michael Saylor, Schiff suggested that MicroStrategy borrowed $4.3 billion to acquire the seized Bitcoin from the government.
This remark seemingly mocks the MicroStrategy chairman for aggressively campaigning for Bitcoin and making his firm continuously purchase the asset.
Peter Schiff is famous for his strong opinion of Bitcoin, often publicly criticizing the cryptocurrency. While Schiff acknowledged that BTC does have the characteristics of money, it lacks intrinsic value, which he believes is most important.
The prominent stockbroker’s statement sparks debate across the crypto community, as his opinions clash with those of Bitcoin proponents.
Will The US Sell More Bitcoin?
Schiff’s comments come as Bitcoin’s price fluctuates amid political uncertainty ahead of the upcoming US election. Many believe the outcome of the November 5 US presidential election will be crucial in determining Bitcoin’s trajectory.
Both presidential aspirants, Trump and Harris, have promised to create a favorable atmosphere for Bitcoin should they secure the White House seat.
During his speech at the Nashville Bitcoin 2024 conference in July, former US President Donald Trump promised to establish a strategic Bitcoin Stockpile if he wins the election. This strategy will make the US government stop selling Bitcoin and instead buy more.
Trump advised the government not to sell its Bitcoin stash and instead hold it, citing the cryptocurrency’s potential. However, soon after Trump’s speech, the government transferred 29,800 BTC valued at nearly $2 billion to an anonymous wallet.
Meanwhile, Republican lawmaker Senator Cynthia Lummis from Wyoming has introduced the BITCOIN Act. This legislation aims to establish Bitcoin as a strategic reserve asset in the US treasury.
As we anticipate the outcome of the upcoming election, it remains uncertain whether the US will hold its Bitcoin holding or sell it off soon.
GIPHY App Key not set. Please check settings