Lark discusses the recent news about the US government potentially selling off their $2 billion worth of Bitcoin seized from the Silk Road. He speculates this could be a reaction to Donald Trump's recent speech suggesting the US should hold Bitcoin as a strategic reserve asset.
-
Lark views this potential sale as politically motivated, saying "You can't let Donald Trump hold it as a strategic Reserve asset can't any more." He finds it petty if the government is selling Bitcoin just to counter Trump's suggestion, calling it "the ultimate being sore losers."
-
However, Lark downplays the impact of such a sale on the Bitcoin market. He points out that "Bitcoin ETFs have eaten up more than that in the last two weeks," suggesting the market could easily absorb this supply. He also compares it to Germany's recent sale of 50,000 Bitcoin and the ongoing Mt. Gox bitcoin distributions, implying that the market has already handled larger sales.
-
Lark sees this situation as part of a broader trend of cryptocurrency becoming a major political issue in the United States. He highlights that crypto now has the largest super PAC in the US, with $202 million raised. This development, in his view, underscores the growing importance of cryptocurrency in American politics.
In conclusion, while Lark views the potential Bitcoin sale as politically motivated, he doesn't see it as a significant threat to the Bitcoin market. Instead, he sees it as another sign of cryptocurrency's increasing political relevance.
