Economist Peter Schiff on Sunday praised the UK’s reported plan to sell nearly $6.7 billion worth of seized Bitcoin, calling it a smart move to reduce the country’s budget deficit.
Reacting to a report by The Telegraph on X, Schiff supported UK Chancellor Rachel Reeves’ idea of offloading the Bitcoin stash recovered by law enforcement to help close the fiscal gap.
Schiff took the opportunity to mock Bitcoin supporter Michael Saylor, hinting that his company, MicroStrategy, might be interested in buying the seized Bitcoin.
“For once, the Brits might actually get something right. I hope the U.S. doesn’t buy it for the Strategic Reserve.”
Peter Schiff
The report also noted that the UK Home Office is working on a “cryptocurrency storage and realization framework” to handle and sell the seized assets. A tender has been issued offering up to $53.68 million in commissions for managing the process.
This planned sell-off comes as the crypto market experiences a strong rally, with Bitcoin reaching record highs above $122,000.
Why Did Schiff Choose to Mock Michael Saylor?
Saylor is the executive chairman of MicroStrategy, a U.S.-based business intelligence company known for its massive Bitcoin holdings, over 200,000 BTC as of mid-2025. Saylor has become one of the most vocal and influential advocates for Bitcoin, often promoting it as a superior store of value compared to traditional assets like gold.
He has repeatedly urged governments and corporations to adopt Bitcoin as a strategic reserve asset, arguing that it can protect against inflation and currency devaluation.
Interestingly, there was confusion last week over reports claiming that the U.S. government had sold more than 80% of its Bitcoin holdings, leaving only about 29,000 BTC. However, under an executive order signed by former President Donald Trump, Bitcoin held in government reserves is not meant to be sold.
