Bitwise Chief Investment Officer (CIO) Matt Hougan shared insights regarding potential developments if the U.S. government sells its $6.5 billion Bitcoin 
$93,745 assets under President Joe Biden’s administration. Hougan’s comments followed the court’s approval for the government to sell these cryptocurrencies.
Insights from Bitwise CIO
Hougan indicated that the market would quickly absorb the sales if the government proceeds with the sale of its $6.5 billion Bitcoin stock.
Prominent economist Peter Schiff noted that it is unlikely for the Trump administration to retrieve these Bitcoins. Schiff emphasized that Trump has not made any statements on this matter, highlighting the uncertainty of the current situation.
Bitcoin Price Recovery Potential
Crypto analyst Ali Martinez pointed out signs of recovery amid the recent Bitcoin price drop. Martinez suggested that if Bitcoin surpasses the $94,600 level, its price could continue to rise.
The sale of these Bitcoins by the U.S. could have significant effects on the markets. Meanwhile, it remains uncertain how much more Bitcoin companies like MicroStrategy will buy as Bitcoin dropped to $91,200 during the writing of this article, triggering a series of declines in altcoins despite the U.S. markets being closed.
Additionally, Schiff mentioned that he expects the Biden administration to sell these Bitcoins before January 20th, noting that Trump had promised in his campaign not to sell U.S. Bitcoin assets.
These developments in the Bitcoin market could provide crucial indicators for investors. Monitoring market trends and assessing potential risks would be beneficial for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
