Categories: Global Adoption

German Government Sells Off All 50,000 of Seized of Bitcoin

The German government has sold all its Bitcoin holdings with its wallet now showing a $1.85 balance as confirmed by Arkham Intelligence. This last transaction involved 3,094 BTC (approximately $176 million) transferred to an unknown address starting with “139Po”

On July 12, the government sent 2,700 BTC (worth $153 million) to platforms like Coinbase, Bitstamp, Kraken, and the same unknown address and two other addresses “guzr4j” and “bc1qu.”

These Bitcoins originated from a seizure linked to a film piracy website in January. Since mid-June, the government has been gradually liquidating its holdings of 50,000 BTC, accelerating sales in early July.

The decision to divest all Bitcoin holdings has drawn criticism from Joana Cotar, a German lawmaker and Bitcoin advocate, who argued that the cryptocy could have been retained as a strategic reserve against traditional financial risks.

This significant sell-off, coupled with concerns over potential Bitcoin releases by Mt. Gox to its creditors, has contributed to market instability. The Crypto Fear & Greed Index has entered the “Extreme Fear” zone, with Bitcoin currently trading at $57,596, reflecting a 0.44% decline in the last 24 hours according to CoinMarketCap.

Terron Gold