The price of Bitcoin has taken a nosedive, and the German government is partly to blame. They’ve been selling off their Bitcoin stash, and it’s putting serious pressure on the cryptocurrency.
Germany’s Massive Bitcoin Dump
The German government has been unloading Bitcoin for weeks, selling hundreds of millions of dollars worth. In June alone, they sold over 6,000 Bitcoin, moving it to exchanges like Coinbase and Kraken, and even some unknown wallets.
How Much Bitcoin Does Germany Have Left?
Despite all the selling, Germany still holds a huge amount of Bitcoin – over 26,000 BTC, worth about $1.5 billion.
Criticism of the Sell-Off
Some people, like Joanna Cotar, a member of the German parliament, are unhappy with the government’s decision to sell their Bitcoin. She thinks they should be holding onto it as a strategic reserve currency, not dumping it on the market.
The Impact on Bitcoin’s Price
Bitcoin’s price has been on a downward trend lately, and the German government’s sell-off is definitely contributing to that. It’s not just Germany though, other big players, like Bitcoin whales, have also been selling off their holdings.
What’s Next for Bitcoin?
It’s hard to say what will happen to Bitcoin’s price. The market is volatile, and there are many factors at play. The German government’s sell-off is just one piece of the puzzle. But it’s definitely something to keep an eye on.
