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Home»ADOPTION NEWS»German government transfers 1,000 more bitcoins amid ongoing sell-off
ADOPTION NEWS

German government transfers 1,000 more bitcoins amid ongoing sell-off

By Crypto FlexsJuly 8, 20242 Mins Read
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German government transfers 1,000 more bitcoins amid ongoing sell-off
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The German government continues to transfer bitcoins to central exchanges with the intention of selling them.

According to data from on-chain analytics platform Arkham, 250 bitcoins were transferred to Bitstamp and 250 bitcoins to Coinbase from addresses listed as belonging to the German government. At current prices, the total is close to $28 million.

An additional 500 bitcoins were sent to an unlabeled address that likely belonged to a centralized cryptocurrency exchange or OTC service.

The German government currently holds 38,826 bitcoins in known addresses, worth a total of $2.17 billion.

Germany’s weeks-long sell-off hasn’t been popular with everyone in the country’s government, with German Bundestag member Joanna Cottar harshly criticizing the government’s decision to “hasty” sell off its Bitcoin holdings instead of pursuing a comprehensive Bitcoin strategy.

“As is already being discussed in the US, our government is selling off Bitcoin in large quantities instead of holding it as a strategic reserve currency,” the independent lawmaker and Bitcoin advocate wrote last Thursday, calling it “unreasonable” and “counterproductive.” (Translated)

According to The Block’s Bitcoin price page, the Bitcoin price is down 3.34% for the day. The price has been in a general downtrend in recent weeks.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Adam is the Editor-in-Chief for Europe, Middle East and Africa. He is based in Central Europe and was the Editor-in-Chief and podcaster at OKX Insights, the former research arm of OKX, a cryptocurrency exchange. Prior to that, he co-founded BeInCrypto.com, which he led as its editor-in-chief to become one of the top crypto media brands at its peak. He was previously the Editor-in-Chief of Bitcoinist.com. Prior to joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He can be found tweeting at @XBT002 and emailing him at (email protected).
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