Despite recent sales, the German government still holds over 40,000 bitcoins valued at more than $2.3 billion. As bitcoin’s price faces pressure from these sales and the upcoming Mt. Gox distributions Tron founder Justin Sun offers to buy the remaining BTC to minimize market impact.
The German administration has been selling seized bitcoin but still carries more than 40K BTC, valued over $2.3 billion, according to data from intelligence foundation Arkham. These revenues are occurring alongside the anticipated Mt. Gox bitcoin distributions. In reaction to Germany’s BTC liquidation, Tron founder Justin Sun has offered to buy the remaining bitcoin off-market from the German administration to minimize any cost impact on the cryptocurrency.
Germany resumes to Sell Bitcoin
The German administration has resumed selling its seized bitcoin, with the most recent sale of up to $175 million in BTC occurring on July 4, according to intelligence foundation Arkham.
German administration selling up to $175M BTC, Arkham published on social media platform X on Thursday, elaborating: In the last 2 hours the German administration has moved 1,300 BTC ($76M) to exchange deposits at Kraken, Bitstamp, and Coinbase. They have also changed 1,700 BTC ($99M) to address 139Po. These philanthropies are likely moving to a deposit for an institutional performance or OTC.
Amid the German administration’s bitcoin sales and the anticipated distribution of bitcoin to creditors by Mt. Gox this month, bitcoin’s price has been under stress. BTC’s cost has dropped by 4% in the past day and more than 6% over the past week, decreasing below $57,000 on Monday. Data from Arkham Intelligence indicates Mt. Gox wallets making dust or test transfers. While the Mt. Gox Trustee suggested that distributions would begin in July, no specific date has been provided.
In reaction to the German administration’s bitcoin sales, Tron director Justin Sun declared on Thursday that he is prepared to buy the remaining BTC off-market. I am willing to negotiate with the German administration to buy all BTC off-market in order to decrease the effect on the market, Sun wrote on X.
Bitcoin as a strategic asset
Cotar thinks Bitcoin can assist Germany diversify its treasury assets, serve as a hedge against inflation, and enhance innovation. She argued that selling off more Bitcoin is not useful and is counterproductive for the country.
In her letter, the lawmaker invited four German politicians to the Bitcoin methods for Nation States program in October, hoping to broaden their expectations on Bitcoin.
To elevate awareness and support for Bitcoin in the German administration, Cotar started the Bitcoin in the Bundestag program. This initiative plans to educate her partners about the advantages of Bitcoin so they can make informed decisions.