The German government recently made a significant move in the Bitcoin market by transferring another 1,000 BTC tokens. Bitcoin has experienced significant price drops in recent weeks, prompting the German government to continue transferring Bitcoin to centralized exchanges with the alleged intention to sell.
Arkham, an on-chain analytics platform, noted this recent transfer. According to their data, addresses linked to the German government transferred 250 bitcoins to both the Bitstamp exchange and Coinbase. At current prices, these transfers amount to almost US$28 million.
Additionally, Arkham’s data highlighted that another 500 bitcoins were transferred to an unidentified address, which could be a centralized cryptocurrency exchange or an OTC service.
Known addresses of the German government currently hold 38,826 bitcoins, bringing the government’s total holdings to US$2.17 billion.
At the time of publication, the price of Bitcoin was quoted at US$.00, with a 0% increase in the last 24 hours.
Joana Cotar, an independent member of the Bundestag, recently criticized the German government’s continued large-scale sale of Bitcoin. In a bold move, Cotar expressed her concerns to prominent figures such as Michael Kretschmer, vice-president of the CDU, Christian Lindner, Federal Minister of Finance, and Chancellor Olaf Scholz. She described the government’s practice as “counterproductive.”
In a detailed letter, Cotar emphasized the advantages of Bitcoin, arguing that it provides a unique opportunity for asset diversification and serves as a hedge against risks associated with traditional asset classes. She also stated that Bitcoin acts as a shield against inflation and monetary devaluation due to its scarce nature.
Disclaimer: The views and opinions expressed in this article, including those of the author and anyone mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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