Key takeaways
- Germany missed out on $1.1 billion in profits by selling Bitcoin early.
- The rise of the crypto market has been partly influenced by Trump’s re-election and pro-crypto policies.
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July in Germany decision to sell nearly 50,000 BTC at $53,000 per coin resulted in an estimated $1.1 billion shortfall, with Bitcoin recently hitting a new all-time high, briefly surpassing $77,000.
However, at today’s prices, the 49,858 BTC sold could have been valued at around $3.9 billion, highlighting the financial impact of the early sale.
German authorities completed the sale between June 19 and July 12, generating approximately $2.8 billion from assets seized in the “Movie2k” criminal case.
Under German law, assets in criminal cases must be sold if their market value fluctuates by more than 10% to avoid possible losses due to volatility.
The missed opportunity comes as markets surged after Donald Trump’s recent election victory, which fueled optimism and hit record highs across several asset classes.
With Trump’s victory, the S&P 500 reached new highs, Tesla’s market capitalization surpassed $1 trillion, and Bitcoin rose significantly amid speculation about favorable regulatory changes.
Amid this growing interest in Bitcoin, German MP Joana Cotar has expressed concerns that the United States views Bitcoin as a strategic reserve asset.
According to Odaily, Cotar suggested that if the United States continued down this path, European countries might soon feel compelled to follow.
“If the US buys Bitcoin as a strategic reserve, then all European countries will get FOMO. »
Cotar remarked, highlighting the potential influence of US actions on the adoption of Bitcoin by governments around the world.
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