How Germany Sold 50,000 Bitcoin Too Soon, Missing $5 Billion Opportunity ⋆ ZyCrypto
The post How Germany Sold 50,000 Bitcoin Too Soon, Missing $5 Billion Opportunity ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Germany’s decision to sell approximately 50,000 Bitcoin (BTC) earlier this year has become a costly mistake. The cryptocurrency’s price has now soared past the $100,000 mark, costing the country an estimated $5 billion. The sale of the confiscated assets, which began in June, is now being questioned as the price of Bitcoin continues to rise. In a tweet on Thursday, MicroStrategy founder Michael Saylor, who had previously warned against selling the cryptocurrency, reflected on the missed opportunity. “You do not sell your Bitcoin,” Saylor tweeted on Thursday, echoing the growing frustration among critics who saw Germany’s decision as a misstep. Notably, German authorities seized the Bitcoin in question from the notorious pirate site Movie2k in January 2024. The Federal Criminal Police Office (BKA) had nearly 49,860 BTC in its custody, valued at approximately $2.9 billion at the time, before proceeding to sell the cryptocurrency over several months. The sell-off began in June, with small amounts of Bitcoin being liquidated, and by early July, the authorities had completed the sale of the entire stash. Following the last sale, Joanna Kotar, a member of the German Parliament, had expressed doubts about the urgency of the sale, arguing that the risk of a value drop was minimal. Kotar had even criticized the sale, suggesting that it was unnecessary given the market conditions at the time. Advertisement   Samson Mow, CEO of JAN3, had, however, pointed out that Germany had little choice but to liquidate the assets due to the regulatory framework. He also suggested that the country could have taken a longer-term approach, emphasizing the need for a national Bitcoin adoption strategy. “We must draw up a concrete plan for Germany to re-acquire at least 50,000 BTC,” Mow stated. Interestingly, the missed opportunity sharply contrasts Germany’s recent efforts to embrace Bitcoin. In September, Germany established…
Filed under: News - @ December 7, 2024 9:17 pm