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).
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)
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?
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.
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