"Just Dumb!!" - 2 Days After Trump Crypto-Crowning, Biden Admin Moves Billions In 'Silk Road' Bitcoin
It appears the Biden administration does not want former President Trump's plan to enable a strategic bitcoin reserve to come to fruition (or at the very least, shrink the size of the reserve dramatically).
🚨PRESIDENT TRUMP: "I WILL KEEP 100% OF ALL THE BITCOIN HELD BY THE UNITED STATES AS PART OF THE NATIONAL BITCOIN STRATEGIC STOCKPILE." pic.twitter.com/fDNKvYe0uv
— Autism Capital 🧩 (@AutismCapital) July 27, 2024
Less than 48 hours after Trump spoke at a major Bitcoin conference in Nashville about his ambitious goals for bitcoin in America, the Biden administration has decided that this is an opportune moment to transfer around $2 billion worth of its bitcoin stockpile (e.g. Silk Road confiscations)
BREAKING:
— Arkham (@ArkhamIntel) July 29, 2024
The US. Government just moved $2B of Bitcoin to a new address:
bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn
The timing is risible...
Omg 😡
— Alpha Whale Crypto (@AlphaWhale_) July 29, 2024
US 🇺🇸 Government moves 30k BTC $2B worth of #Bitcoin ! pic.twitter.com/eNewo2jsgi
...and transparent...Orange Man bad - orange man likes bitcoin - bitcoin bad!
The part of Game Theory where Democrats sell BTC just to Spite Trump
— Dissolve DC (@Dissolve_DC) July 29, 2024
This transfer - and its implications of potential selling pressure overhang - sent Bitcoin reeling after briefly tagging $70,000...
Source: Bloomberg
Presumably, Biden and Harris are against the Trump HODL?
NEW: 🇺🇸 US Government currently owns $15B worth of #Bitcoin and President Trump vows to HODL if elected 🫡 pic.twitter.com/Uy59tHrBzx
— Thomas | heyapollo.com (@thomas_fahrer) July 27, 2024
And this is all the more odd considering the pleading letter written by various Democratic lawmakers urging the administration to back off their crypto war.
We give the last word to well-known crypto billionaire (and major Dem donor), Mike Novogratz:
"Tone deaf anyone??? Moving Silk Road BTC two days after Trumps pledge to not move them is just dumb!!!!"
Read the room, indeed! Presumably, once again, ideology trumps all common sense.