Trump’s crypto promise vs Biden: US BTC strategy causes market stir

• Schiff predicts Biden will sell all US Bitcoin holdings after a recent $2 billion transfer.
• Support from Trump boosted Bitcoin, but Biden’s move caused a 4% drop. 

Peter Schiff, a long-time critic of Bitcoin [BTC], recently predicted that the US government under President Joe Biden will sell all of its BTC holdings.

Schiff’s belief stems from a recent move by the Biden administration, which transferred $2 billion worth of Bitcoin to an unknown wallet. This development, which was first identified by the crypto intelligence platform Arkham, has left the market stunned.

This action took place just days after former President Donald Trump’s speech in Nashville, where he promised that the US would never sell its BTC and would instead hold it as a strategic asset. 

Remarking on the same, Schiff noted, 

“If #Trump really intended to use seized #Bitcoin to start a U.S. “strategic” reserve, he’d have kept his intention a secret until he was actually in office.” 

He further added, 

“Now that the #Biden administration is wise to his plan, they’ll make sure to sell every Satoshi before Trump takes office.” 

Trump and his impact on crypto

It’s important to note that Trump’s speech positively impacted the crypto market, with BTC approaching the $70K level on 29th July as per CoinMarketCap.

However, following the Biden administration’s recent move, BTC dropped by over 4% in the past 24 hours and was trading at $66K.

Needless to say, Schiff was not the only one to criticize Bidens’s move. Mike Novogratz, CEO of Galaxy Digital also took to X and added, 

“Tone deaf anyone???  Moving Silk Road BTC two days after Trumps pledge to not move them is just dumb!!!!” 

Sharing a similar line of thought was Gemini founder Tyler Winklevoss who recently donated $1 million worth of BTC to Trump’s campaign said, 

“Great look and great way to reset with our industry.”

Here, Winklevoss implied that this move sends a contradictory and negative signal to the cryptocurrency industry, suggesting instability or inconsistency in the current administration’s approach to managing its Bitcoin reserves. 

However, this action did not hurt the crypto community leaning toward Trump, as highlighted by Gemini co-founder Cameron Winklevoss, who remarked, 

“We’re going to Free Ross. We’re going to Fire Gary Gensler. We’re going to make America and Bitcoin greater than ever before.” 

This was further supported by Polymarket’s prediction data, which showed Trump leading the ‘Presidential Election Winner 2024’ chart with 57% of the vote.