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Here’s When the German Government Might Stop Its Bitcoin Selling Surge
Alex Dobnya
Here’s When the German Government’s Selling Spree Could End
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The German government has already lost his status as a Bitcoin billionaire, according to data provided by popular blockchain analytics platform Arkham Intelligence.
He recently made another round of transfers to major cryptocurrency exchanges, totaling over $117 million in BTC.
After a relentless sell-off in recent weeks, the German government now owns less than a third of the coins that were originally confiscated from one of the infamous operators of the movie2k.to exchange.
In January, the Saxon State Criminal Investigation Office announced a massive seizure of 50,000 Bitcoins. This enormous sum, which at the time of the seizure was worth more than $2 billion, made Germany one of the largest holders of Bitcoin among governments.
Germany kicked off its massive Bitcoin sell-off in early June, sparking panic among traders and investors.
The sell-off has naturally drawn a lot of criticism from within the cryptocurrency community. Joana Cotar, an independent member of the German parliament, recently urged Saxony’s Minister President Michael Kretschmer, as well as a number of other German government officials, to stop selling Bitcoin, citing its diversification properties and other positive qualities.
However, Saxony, a state in the eastern part of Germany, may have no choice, as assets confiscated from criminals would have to be liquidated.
The good news? The relentless sell-off is unlikely to last long. According to Bitcoin evangelist Alessandro Ottaviani, the state is expected to stop liquidating its cryptocurrency holdings this July. “This will likely happen with the sale by the end of the week or at the latest by early next week,” he said. he wrote on the social platform X.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.