German Parliament Member Urges Government to Halt Bitcoin Sell-Offs
A Bitcoin advocate and member of the German Parliament, Joana Cotar, has voiced her concerns about the government’s rapid sell-off of Bitcoin. Cotar believes that instead of selling off the cryptocurrency, the government should consider holding it as a strategic reserve currency to protect against economic instability.
– Joana Cotar criticizes the German government’s approach to Bitcoin
– Cotar expresses her concerns about the government’s sell-off strategy
– She suggests holding Bitcoin as a strategic reserve currency
– This approach is already being considered in the USA
– Cotar highlights the importance of Bitcoin for diversifying the country’s treasury
In a recent statement, Cotar emphasized that the continued sell-off of Bitcoin is not a sensible or productive decision. She pointed out that holding Bitcoin could offer valuable benefits, such as protecting against inflation and currency devaluation.
– Cotar underlines the importance of holding Bitcoin for diversification
– Bitcoin can serve as a valuable asset against inflation and devaluation
Data from the cryptocurrency intelligence platform Arkham shows that the German government has sold a significant amount of Bitcoin in the past month. The sell-off totaled 8,611 BTC, resulting in a net portfolio change of -$820 million at current prices. Despite these sales, Germany still holds 41,226 BTC, valued at approximately $2.28 billion.
– German government sells 8,611 BTC in the past month
– Net portfolio change of -$820 million
– Germany still holds 41,226 BTC
German Government’s Bitcoin Movements and Mt. Gox Payout
Recent reports from CryptoPotato reveal that the German government transferred about 1,300 coins, valued at approximately $75 million, to centralized exchanges like Coinbase, Kraken, and Bitstamp. Suspicion arose surrounding Bitcoin sales when the wallet associated with the German Federal Criminal Police Office (BKA) made a transfer of 6,500 coins, worth over $425 million.
– German government transfers 1,300 coins to centralized exchanges
– Suspicion raised over BKA wallet transfer of 6,500 coins
– Coins seized in 2013 from Movie2k.to operators
Justin Sun, the founder of TRON blockchain, has expressed interest in negotiating with the German government to acquire all BTC off-market. He stated his willingness to engage in discussions to acquire the Bitcoin holdings currently being sold by the government. The government’s Bitcoin sell-off is not the only factor affecting the crypto market; the upcoming $9 billion compensation payout to Mt. Gox creditors has also impacted Bitcoin prices.
– Justin Sun offers to negotiate with German government for off-market BTC
– Mt. Gox’s $9 billion compensation payout affects Bitcoin prices
Hot Take: The Future of Bitcoin in Germany
As the German government continues its sell-off of Bitcoin and prepares for the Mt. Gox payout, the landscape of cryptocurrency in the country remains uncertain. The decision to hold or sell Bitcoin could have significant implications for both the government’s treasury and the broader crypto market. It will be interesting to see how these developments shape the future of Bitcoin adoption in Germany and beyond.
Sources:
– Joana Cotar’s Twitter
– Arkham Intelligence Platform
– CryptoPotato
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