Author: Martin Young, CoinTelegraph; Compiled by: Whitewater, Golden Finance

Crypto industry executives were quick to point out that the U.S. decision to move $1.9 billion worth of Bitcoin to Coinbase was foolish, with some claiming This was a "huge strategic mistake."

“This is a huge strategic mistake. On December 3, US Space Force engineer Jason Lowery said on X: “No price is reasonable for the United States to sell Bitcoin under its control.” of. "

"It's obvious that they don't know what they have," he continued:

"When they inevitably try to justify a new version of EO 6102 to take back Keep this article in mind when they sell Bitcoin because they don’t understand what this technology is really about. ”

EO 6102 is an executive order signed by President Roosevelt in 1933, “prohibiting the hoarding of gold coins, gold bars, and gold certificates in the United States.”

On December 2, the United States will Approximately 19,800 Bitcoins worth $1.9 billion were transferred to Coinbase Prime deposit addresses

Coinbase. CEO Brian Armstrong agreed, adding: “Agreed – in my opinion, the United States should never sell Bitcoin. ”

Brian Armstrong agrees selling Bitcoin is a bad idea. Source: Brian Armstrong< /p>

"If they were stupid enough to sell (which we all know to be stupid), the supply would be depleted immediately. ” said cryptocurrency educator Toby Cunningham, while others quipped, “Biden will cause as much damage as possible before he leaves office. ”

So far this year, the United States has transferred a total of 25,999 Bitcoins to Coinbase, worth approximately $2.49 billion. However, according to observations by analytics platform Spot On Chain, these transfers appear to be custodial actions rather than Sales behavior.

Tether strategic advisor Gabor Gurbacs also said that it is possible that the United States is consolidating wallets or upgrading old addresses.

“There is still a lot we don’t know. There is no guarantee they will sell. I haven’t seen any official auction information,” he added.

Julio Moreno, head of research at CryptoQuant, said it was “highly likely” that only 10,000 BTC were sold in the recent move, as these were sent to Coinbase Prime, whichThe remaining 9,800 BTC were sent to the newly created address.

The platform revealed that the United States still holds approximately 183,850 Bitcoins in various known addresses, worth approximately $17.7 billion, according to Spot on Chain.

United States Cryptocurrency balances at known addresses. Source: Spot On Chain

Bitcoin price fell sharply on transfer, down nearly 3% to $94,500. However, as of this writing, the asset has recovered to trade at around $96,000.