Key Takeaways
- The German authorities have faced a $3 billion loss in potential profits by selling their Bitcoin holdings too early.
- Similar past US government Bitcoin sales have resulted in missed profits, as holdings auctioned for $366 million would now be worth over $23 billion.
The German government missed out on an estimated $3 billion in profits after offloading nearly 50,000 Bitcoin last July at $57,900 each, as the digital asset now trades above $120,000, according to TradingView data.
The sale of 49,858 Bitcoin, conducted between June 19 and July 12, generated about $2.8 billion from assets seized in the “Movie2k” criminal case. At today’s market prices, the same holdings would be valued at approximately $6 billion.
Bitcoin surged over 10% this week to reach a new all-time high of above $121,000 on Sunday. At the time of reporting, Bitcoin changed hands at around $120,700, TradingView data shows.
The US government has seen similar missed gains. Over the past decade, it auctioned off more than 195,000 Bitcoin for $366 million. As tracked by Casa CSO Jameson Lopp, that same Bitcoin stash would now be valued at over $23 billion.
The US government currently holds over 198,000 BTC worth nearly $24 billion, according to data from Arkham Intelligence.
Source: https://cryptobriefing.com/bitcoin-government-sales-missed-profits/