China Allegedly Selling Bitcoin (BTC), What’s the Impact on the United States?

Jakarta, Pintu News—Recently, Peter Schiff, a financial commentator, claimed that the Chinese government may have sold its Bitcoin BTC->Current BTC PriceRp 0Market Cap-Trading Volume-Circulating Supply- holdings in January.

This claim comes after Senator Cynthia Lummis’ remarks about a potential Bitcoin “arms race” between the US and China made the rounds on social media.

Nonetheless, Schiff, known for his highly critical stance on Bitcoin, argues that China is not interested in competing in this regard.

Check out the full news below!

The Bitcoin Race: Fact or Fiction?

According to Schiff, this idea of a Bitcoin arms race between the two superpowers is just a ploy to increase the price of Bitcoin.

“China is just laughing at us buying Bitcoin. We buy digital fool’s gold while they buy the real thing,” Schiff said.

This statement casts doubt on Senator Lummis’s prediction of a Bitcoin arms race. However, some analysts believe it could be a strategy to influence the market.

By claiming that China has sold their Bitcoin, it is possible to influence the price of Bitcoin in the global market. This shows the complexity of interpreting market movements and government policies regarding crypto assets.

Also read: Metaplanet Buys Another 150 BTC! Eric Trump officially joins, aiming to control 1% of the world’s bitcoin?

Bitcoin Sales by China

Ki Young Ju, founder and CEO of crypto analytics firm CryptoQuant, stated that by the end of January, China had sold around 194,000 BTC seized from the PlusToken scam in 2019. According to Ju, the Bitcoin was mixed and sent to various exchanges.

This suggests that the Chinese government may no longer own the Bitcoin. This information adds to speculation about China’s strategy for managing its confiscated crypto assets.

According to U Today, if it is true that China has sold all its Bitcoin, this could indicate that it does not engage in crypto asset storage as a long-term economic strategy. However, the Chinese government has not officially confirmed this.

Read also: Anatoly Yakovenko Criticizes Layer-2 Solution, What Does He Say?

Global Reaction to Bitcoin

Meanwhile, in the US, the government recently established a strategic Bitcoin reserve, which is considered a major victory for the crypto industry. This reserve will only store seized Bitcoins, not buy new ones.

This move shows the US government’s growing acceptance of Bitcoin as a strategic asset. However, other major countries such as Japan and South Korea are still skeptical of the idea of diversifying their reserves with Bitcoin.

They have not followed the US’ lead in integrating Bitcoin into the country’s financial strategy, indicating a more conservative approach to crypto assets.

Conclusion

Peter Schiff’s claim about China selling Bitcoin adds a new layer to the global narrative of government adoption and management of Bitcoin.

Despite negative tendencies from some quarters, measures such as the establishment of a Bitcoin reserve by the US show that some countries still see great potential in crypto assets.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• U.Today. Peter Schiff Claims China Has Sold Its Bitcoin. Accessed on March 25, 2025
• Featured Image: Market Insider