The German government recently sold off all of its 50,000 Bitcoins, causing a stir in the crypto world. But what if they had held on?
Missed Opportunity: The Cost of Selling Early
The government sold its Bitcoin at an average price of around $57,000. Since then, Bitcoin has rallied, and now sits at around $65,400. If they had kept their coins, they would be sitting on a whopping $3.27 billion. That’s a $270 million loss for the government!
Criticism and Controversy
Many Germans are upset with the government’s decision. One politician, Jaona Cotar, tweeted: “Germany still has zero Bitcoin out of the 50,000. You have to be incredibly stupid to do that.”
Bitcoin’s Rebound
Despite the government’s sell-off, Bitcoin has shown its strength. Since the German government emptied its wallet, Bitcoin has surged over 20%, from around $53,000 to over $66,000. The crypto market is also feeling optimistic, with sentiment shifting from “Extreme Fear” to “Greed” in just a week.
The German government’s Bitcoin sell-off has sparked a lot of debate. It highlights the potential for both profit and loss in the volatile world of cryptocurrencies. It also raises questions about the government’s understanding of the crypto market and its long-term strategy.
