The German government reportedly sold all their remaining, 50,000 Bitcoins at around $54,000, missing out on approximately $2.4 billion in profits, according to the unverified sources.
Germany’s move to sell 50,000 #Bitcoin at $54K left $2.4B in potential profits on the table. Timing is everything in crypto, and this one missed the mark. 🤯 #BitcoinNews #Crypto pic.twitter.com/a9xRf5iNbq
— CoinSniper (@coinsniper_net) December 5, 2024
The decision has drawn sharp criticism as Bitcoin surged past $100,000 today, reaching all-time highs. At present, the cryptocurrency revolves around $101,853 with a 5.69% surge in the last 24 hours.
While the move was part of Germany’s strategy to liquidate seized assets, the timing sparked debate among financial experts and the crypto community.
Institutions To Take Care of Germany’s Bitcoin Dump
The large-scale sell-off could trigger downward pressure on Bitcoin prices by increasing the supply. However, the impact is likely to be absorbed. Institutional investors like MicroStrategy, BlackRock, and others continue to buy Bitcoin aggressively. MicroStrategy’s Michael Saylor writes on X:
Du verkaufst dein #Bitcoin nicht.
— Michael Saylor⚡️ (@saylor) December 5, 2024
The business intelligence firm, MicroStrategy has taken another major step in the cryptocurrency market by acquiring 15,400 Bitcoin between November 25 and December 1. This recent purchase raises their total holdings to 402,100 Bitcoin, worth around $38.4 billion. To finance the acquisition, MicroStrategy issued 3.73 million shares of common stock, generating $1.48 billion.
Apart from this, the growth in Bitcoin Spot exchange-traded funds (ETFs) also sparked the rally in Bitcoin by opening the doors of mainstream adoption.
Also Read: Donald Trump Goes Gaga Over Bitcoin Price Surge Beyond $100K
Source: https://www.cryptonewsz.com/germany-dumps-50000-bitcoins-michael-saylor-no/