Bitcoin influencer Pierre Rochard has called on lawmakers to prevent more than $ 1.6 billion worth of seized Bitcoin from being auctioned, and is instead proposing to place confiscated coins in a strategic BTC reserve.
Rochard, a Bitcoin maximalist behind the recent controversy over ETH’s total supplywants lawmakers to draft and pass a bill with changes to the Judiciary Act of 1789 that would allow the US Marshals Service to keep any Bitcoin it received.
In a blog post published on Dec. 16, Rochard warned of the auction of 69,370 Bitcoin that the IRS seized from November an alleged Silk Road hacker, noting that the US Attorney’s Office has filed a civil complaint for forfeiture of BTC.
Speaking with Cointelegraph, Rochard stressed the “urgent” need to update the legislation and claimed to expect the US Marshals Service to win his forfeiture and auction the Bitcoin “within the next six months.”
“We need to get this law passed very quickly so we can stop the auction,” he said.
In his blog, Rochard highlights that the previous auctions of more than 144,000 Bitcoins in 2014 and 2015 fetched just $ 122 million, while those same crypto assets are said to fetch more than $ 3.32 billion today.
“The quick auction of seized Bitcoin was a mistake in my opinion and in retrospect.”
Although the coins seized in November are worth $ 1.6 billion today, Rochard suggests that the United States will reap more value by holding on to Bitcoin for the longer term, urging lawmakers to “give Congress the time. to discuss the disposal of this unique property. “
“The Federal Reserve can create an infinite amount of US dollars with the proceeds of the auction. Bitcoins cannot be made just like that and there is a limited number […] A large strategic reserve of Bitcoin can be crucial to our national security. “
Rochard told Cointelegraph that Bitcoin will soon play a “critical” role in the treasury of national governments, predicting that “we will see governments develop large Bitcoin sovereign wealth funds over the next decade.”
“If the US is to maintain its leadership, both financially and in science and technology, then we need to develop a Bitcoin reserve fund at the federal level,” he said, adding:
“Put in the confiscated coins at first, but as we go further, we want to replenish that reserve as well.”