Wall Street investor Peter Schiff recently stated on social media that the U.S. government is preparing to sell 69,370 Bitcoins, valued at approximately $4.3 billion at current market prices. Schiff urged MicroStrategy CEO Michael Saylor to borrow an equivalent amount to purchase these Bitcoins.
According to CoinTelegraph, the U.S. Supreme Court has refused to hear a case regarding the ownership of the 69,370 Bitcoins seized from the dark web marketplace Silk Road. The case was brought by Battle Born Investments, which claimed it had rights to the seized Bitcoins through bankruptcy proceedings. This ruling by the Supreme Court could pave the way for the U.S. government to sell the Bitcoins.
Source: Supreme Court
Battle Born had previously attempted to persuade both a district court in 2022 and an appeals court in 2023, but was unsuccessful. In 2023, a judge from the San Francisco appeals court dismissed the case, ruling that the company's claim to the Bitcoins was not legally valid.
The U.S. Supreme Court typically hears only 100 to 150 cases out of over 7,000 filed each year, and its refusal to review this case means that the government's civil forfeiture actions are now more likely to succeed, allowing for the sale of these Bitcoins. Earlier, on July 29, 2023, the U.S. government transferred approximately $2 billion worth of Bitcoins associated with Silk Road.
These transfers are linked to the U.S. Marshals Service, which uses Coinbase Prime to hold seized cryptocurrencies.
It is noteworthy that previous government sell-offs of large amounts of Bitcoin have led to significant market volatility. For instance, the German government sold nearly 50,000 Bitcoins worth over $3.15 billion in June and July, causing noticeable effects on the market.
It remains unclear how the U.S. government plans to handle this batch of Bitcoins. Additionally, Republican presidential candidate Donald Trump has promised to establish a "strategic Bitcoin reserve" if elected, and to release Ross Ulbricht, the founder of Silk Road, who is currently serving a life sentence for conspiracy to commit money laundering and drug trafficking. Meanwhile, Democratic candidate Kamala Harris has not publicly announced her stance on how to manage the seized cryptocurrencies.
Peter Schiff's call for action and the potential sale of Bitcoins by the U.S. government could have significant implications for the market. As this situation develops, investors and market participants will closely monitor the government's next steps.
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