Dollars

Bitcoin

Million

Germany persists in its substantial Bitcoin (BTC) transfers, moving an additional $40 million in BTC recently. This ongoing trend, which began last month, highlights the government’s active management of digital assets amid global financial shifts. 
Bitcoin addresses tied to the German government sent an extra 700 BTC, which is $40.47 million, to the address “139PoP” over the weekend. <a href="https://platform.arkhamintelligence.com" rel="nofollow noopener" target="_blank">Arkham</a>, a company that does on-chain intelligence, found this transaction. 
Considering that the address that isn’t labelled might belong to a bank or an over-the-counter service provider, this step might indicate that the assets are going to be sold. This is according to the reports that have been made. 
In addition, the German government has dealt with this address before, so this is not the first time it has done so. Over the course of the past three days, the government has transferred more than 1,200 Bitcoins to this wallet. 
Early this year, the German government took 50,000 Bitcoin from the movie piracy site Movie2k and started sending it to cryptocurrency markets like Coinbase, Bitstamp, and Kraken. This started last month.&nbsp; 
On the blockchain analytics website Lookonchain, it was seen that Germany has sent Bitcoin every day this month. With this deal, it now only has 39,826 BTC, which is worth about $2.3 billion. 
A member of the German Bundestag named Joana Cotar has expressed her opinion that this ongoing practice of selling is unacceptable. As opposed to selling its Bitcoin assets as rapidly as possible, the government should come up with a comprehensive plan, according to the member of Parliament who made the suggestion. 
Cotar also says that Bitcoin can help the government diversify its assets and lower the risks that come with standard investments. She also said that Bitcoin is a hedge against inflation and currency loss because it is scarce and deflationary. 
“Instead of holding Bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” Cotar <a href="https://x.com/JoanaCotar/status/1808888782738911614" rel="nofollow" target="_blank">said</a>. 
<figure id="attachment_19816" aria-describedby="caption-attachment-19816" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="size-large wp-image-19816" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/07/kanchanara-4yPFKV9y5EI-unsplash-1024x681.jpg" alt="Germany Moves 40 Million Dollars in BTC: As It Continues Significant Bitcoin Transfers" width="1024" height="681" title="Again, Germany Moves 40 Million Dollars in BTC, Continues Significant Bitcoin Transfers 26">
 <figcaption id="caption-attachment-19816" class="wp-caption-text">
 Germany Moves 40 Million Dollars in BTC: As It Continues Significant Bitcoin Transfers
 </figcaption>
</figure> 
At the same time, <a href="https://thebitjournal.com/bitcoin-selling-pressure/">Justin Sun, the founder of TRON, offered to buy the German government’s BTC stock</a> to lessen its effect on the market. But Ki Young Ju, CEO of CryptoQuant, says that government selling hasn’t affected BTC prices much since it only makes up 4% of the total realized value since 2023. 
Ki Young Ju took the matter to X:&nbsp; 
“$224 billion has flowed into this market since 2023. Government-seized BTC contributes about $9 billion to the realized cap. It’s only 4% of the total cumulative realized value since 2023. Don’t let the selling FUD ruin your trades,” Ju <a href="https://x.com/ki_young_ju/status/1809293501084909592" rel="nofollow" target="_blank">stated</a>. 
<h2 id="b-span-data-sheets-root-1-data-sheets-value-1-2-2-germany-moves-40-million-dollars-in-btc-data-sheets-userformat-2-13309-3-1-0-5-1-1-2-2-0-5-1-2-2-0-1-0-2-0-3-3-1-1-2-0-4-1-6-1-1-2-2-0-5-1-2-2-0-1-0-2-0-3-3-1-1-2-0-4-1-7-1-1-2-2-0-5-1-2-2-0-1-0-2-0-3-3-1-1-2-0-4-1-8-1-1-2-2-0-5-1-2-2-0-1-0-2-0-3-3-1-1-2-0-4-1-9-1-10-1-11-4-12-0-15-lexend-16-15-the-repercussions-germany-moves-40-million-dollars-in-btc-span-b"><span data-sheets-root="1" data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Germany Moves 40 Million dollars in BTC&quot;}" data-sheets-userformat="{&quot;2&quot;:13309,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;9&quot;:1,&quot;10&quot;:1,&quot;11&quot;:4,&quot;12&quot;:0,&quot;15&quot;:&quot;Lexend&quot;,&quot;16&quot;:15}">The Repercussions: Germany Moves 40 Million Dollars in BTC &nbsp;</h2> 
As a result, the recent Bitcoin transactions that the German government has been involved in, including the transfer of 700 BTC, have spurred questions regarding the possibility of selling these assets. The government’s selling strategy continues to be implemented, even though authorities like Joana Cotar, who supports a strategic approach to Bitcoin holdings, have expressed their worries.&nbsp; 
However, market analysts believe that these sales have had a modest impact on Bitcoin prices because they constitute a relatively small part of the overall market. The ongoing discussion sheds light on the various points of view regarding the management of Bitcoin, whether owned by the government, and its function in the context of financial policy. Because the discussion is still ongoing, it is not yet clear what the long-term consequences of these steps will be.

Again, Germany Moves 40 Million Dollars in BTC, Continues Significant Bitcoin Transfers

Table of Contents

The Bit Journal

Другие статьи, опубликованные 8 июл. 2024 г.

Top Meme Coin To Buy Right Now, Monday, July 8 – Hachiko, Meme Cup, Shiba Shootout, LumiChill

A Bear Market Hero: Sage Universe

Coins.ph and Ronin Network Launch PHPC: A New Era for Philippine Crypto

HashKey Group and Kaia Ecosystem Announce Patnership

Best Airdrops for Quick Gains

Crypto Analyst Predicts Temporary Upside for PEPE Amid 40% Downtrend

Join our free newsletter for daily crypto updates!