BTC Influencer Urges Plea to Prevent Auction Of Seized Silk Road Funds

BTC Influencer Pierre Rochard made an urgent plea to the lawmakers now to auction off the seized BTC funds from the Silk Road case but to create a strategic BTC reserve so let’s find out more about it in today’s bitcoin news.

BTC Influencer Pierre Rochard called on the lawmakers to prevent more than $1.6 billion worth of seized BTC from being auctioned proposing that the confiscated coins should be put into a strategic BTC reserve. Rochard, the BTC maximalist behind the recent controversy on the ETH total supply, wants the legislators to draft and pass a bill that contains amendments to the Judiciary Act of 1789 which would aloe the US marshals Service to hold onto the BTC received.

In a blog post that was published a few days ago, Rochard warned against the auctioning of the seized BTC by the IRS from an alleged Silk Road hacker noting that the US Attorney Office already filed a civil complaint about forfeiture of the BTC. Rochard also emphasized the need to update legislation saying that he expects the US Marshal Service to win the forfeiture case and to auction off the BTC in the next six months

 “We need to get this law passed very quickly so that we can stop the auction.”

In his blog, he emphasized that the auctions of 144,000 BTC in 2014 and 2015 generated about $112 million but these assets could hit up to $3.32 billion:

 “The expeditious auctioning off of seized Bitcoin was, in my view and with the benefit of hindsight, a mistake.”

While the coins seized back in November are worth $1.6 billion today, Rochard suggested that the US will reap even more value if it holds on to these BTC coins in the long run, therefore, urging the lawmakers to allow “Congress time to deliberate on the disposition of the unique asset.” He continued:

 “The Federal Reserve can create an infinite quantity of US dollars, the proceeds received in the auction. Bitcoins can not be created out of thin air and there is a limited quantity of them […] A large strategic reserve of Bitcoin may be crucial for our national security.”

Rochard said that BTC will play a crucial role in the treasury of the national governments and also predicted that:

 “We will see governments develop large sovereign wealth funds of Bitcoin over the coming decade. If the U.S. wants to maintain its leadership, both financially and also in science and technology, then we should develop a Bitcoin reserve fund at the federal level.”