Biden puts pressure on Bitcoin price before Trump’s start
Last Updated on 4 December 2024 by CryptoTips.eu
The price of Bitcoin has been dropping (just like at the beginning of last week) in the first half of the working week. This time, the main reason is that investors fear a drop of the price because the US government (during the last month of Joe Biden’s presidency) is trying to quickly cash in on $2 billion worth of Bitcoin. A somewhat strange decision as the next American President, Donald Trump, has announced that he wants to build up a strategic Bitcoin reserve.
Germany
In July this year, crypto fans were furious with Germany. Just as the European Football Championship was taking place in Berlin, Munich and Frankfurt, the Scholz government decided to sell their Bitcoin holdings (which they had seized after the closure of an illegal movie streaming website) worth $2 billion. As a result, the price of the largest digital currency dropped by about $10,000 during the three weeks of nonstop football. In hindsight, the Germans did a very bad deal of course. If they had waited until December they could have sold those Bitcoins for a 3 billion dollar profit of course, as the price is now much higher.
💥Breaking: 🇺🇸 U.S government just
— Ash Crypto (@Ashcryptoreal) December 2, 2024
moved $2 billion Bitcoin to a new wallet. pic.twitter.com/bPTT49Vogn
This last Monday it became clear that the American government, which is still led by President Joe Biden for one more month, transferred about 20,000 Bitcoins from a crypto wallet (at the legendary Silk Road) to an account at Coinbase, the major American crypto platform. This is probably done with the intention of selling it at the current price above $90,000.
As Biden will be succeeded by Trump in about a month, that news is not well received by crypto fans. They of course remember very well what the last sale of Bitcoins by a major country Hodler (Germany) did to the price this summer.
