Have fun staying poor. The German authorities had the chance to seize a fabulous treasure of 50,000 bitcoins in January 2024and they didn’t take this chance, but not at all. In fact, Germany has massively liquidated (and without worrying about the impact on the markets!) these tens of thousands of BTC at the start July 2024right at the bottom of the crypto market what’s more. The cryptosphere was then mocked for this stupid and nasty sale of Bitcoinand rightly so, when we see today that billions of dollars in capital gains have been lost for German citizens (who should demand accountability).
- Germany sold 50,000 seized bitcoins at an inopportune time, causing a massive loss of potential capital gains.
- This precipitous sale took place at the low point of the crypto market, resulting in a loss of $1.6 billion for German citizens.
If Germany had HODLed its Bitcoin seizure, its value would be $4.5 billion today
At the beginning of July 2024, the German authorities had makes you panic the weak hands of the crypto market, contributing to lowering Bitcoin price (totally counterproductive), with the brutal sale of 50 000 BTC. Bitcoins that had been seized by Saxon law enforcement at the beginning of the year.
The transaction tracking site on-chain Arkham Intelligence then made it possible to see that Germany sold this immense windfall in Bitcoin for only $2.9 billion at that time.
“Only” because, now, with bitcoin at almost 90 000 dollars on November 12, 2024, against less than 58 000 dollars last July, the German authorities made a huge error of judgment (that’s saying something). With a valuation of these 50,000 BTC of almost $4.5 billion today, German citizens have lost $1.6 billion in capital gains on Bitcoin in this sad affair.
By doing quite the opposite of nations known for HODL (keep) the majority of their bitcoins safe, as “the crypto-miner” Bhutanor “the adopter of BTC as currency” SalvadorGermany made a sacred blunder which will remain in the annals of poor state management. As for the Germans, with the bull run of Bitcoin which is “just getting started” according to many experts and analysts, they have not not finished crying the billions lost by this early and much too condensed sale.
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