Rochard makes urgent plea to stop auction of $1.6B seized Bitcoin

Rochard makes urgent plea to stop auction of $1.6B seized Bitcoin

Pierre Rochard, a renowned Bitcoin influencer, has reportedly called on legislators to stop nearly $1.6B worth of seized Bitcoin from being auctioned off, suggesting that the seized coins be put into a strategic BTC (bitcoin) reserve instead.

Rochard, a leading Bitcoin maximalist behind the current controversy over the full supply of ETH, is calling for lawmakers to draft as well as pass a bill comprising of amendments to the 1789 Judiciary Act to allow the United States Marshals Service to keep any Bitcoin it seizes.

In a blog post released on 16th December, Rochard had cautioned against the auctioning of nearly 69,370 Bitcoin seized by Internal Revenue Service in November from a Silk Road hacker, keeping in mind that the U.S. Attorney’s Office (USAO) has registered a complaint for BTC forfeiture.

Rochard in an official statement highlighted the urgent requirement to update the legislation, stating that he anticipates the United States Marshals Service to win its forfeit case, and subsequently auction off the Bitcoin within the upcoming six months.

Rochard added that the law needs to be passed rapidly so that the auction could be stopped.

Although the seized coins in November are worth $1.6 billion at present, Rochard recommends that the U.S. would secure more value by keeping the Bitcoin for much longer term, persuading legislators to let Congress time to plan on the disposition of this exclusive asset.

Rochard has forecast that Bitcoin would soon play a very important role in the treasury of national governments, forecasting that they would see governments developing large Bitcoin sovereign wealth funds in the next few decades.

If the United States wants to continue its leadership both in science & technology, as well as financially, then they must develop a Bitcoin-based reserve fund at the federal level, opined Rochard.

Source credit: https://cointelegraph.com/news/urgent-plea-to-prevent-auction-of-1-6b-bitcoin-seized-from-silk-road-hacker