The Joe Biden administration is reportedly preparing to take a significant action related to Bitcoin before leaving office. An action could be to sell a large portion of the Bitcoin held by the US government, worth about $1.92 billion, seized from the Silk Road black market.
This move is causing concern in the cryptocurrency community as it could disrupt President-elect Donald Trump’s plan to create a US Bitcoin Reserve Fund.
Trump has pledged to turn the US into the “capital of cryptocurrency” and the “superpower of Bitcoin” in the world, and his administration is expected to introduce more crypto-friendly policies.
The potential selling off by the Biden administration could hinder Trump’s ability to establish a national Bitcoin reserve fund, which is considered a crucial part of his cryptocurrency program.
It should be noted that the cryptocurrency community is not overly concerned about this selling pressure, as Bitcoin has demonstrated resilience in the past and is expected to continue its upward trend.
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