{"id":630401,"date":"2024-07-18T13:30:57","date_gmt":"2024-07-18T13:30:57","guid":{"rendered":"https:\/\/ktsl888.com\/?p=630401"},"modified":"2024-07-18T13:26:33","modified_gmt":"2024-07-18T13:26:33","slug":"german-government-50000-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/german-government-50000-btc\/","title":{"rendered":"Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks"},"content":{"rendered":"

The <\/span>German government has sold all of its Bitcoin (BTC)<\/span><\/a> in just two weeks. The reason for the substantial Bitcoin dump was unveiled in a recent statement by the Saxony Central Office for the Protection and Realization of Virtual Currencies.<\/span><\/p>\n

Why Germany Sold All Its Bitcoin<\/h2>\n

In a <\/span>blog post<\/span><\/a> published on July 16, the Saxon Central Office and Frankfurt Bankhaus Scheich Wertpapierspezialist AG, a German securities trading bank, announced that they had successfully <\/span>completed the sale<\/span><\/a> of approximately 49,858 BTC. Starting on June 19, 2024, the <\/span>German government<\/span><\/a> began to sell off its massive Bitcoin reserves, officially concluding sales on July 12, 2024.\u00a0<\/span><\/p>\n

Related Reading: XRP Whales Are On The Move Again \u2013 Here\u2019s What They\u2019re Doing This Time<\/a><\/div>\n

The government disclosed that the sale proceeds had amounted to \u20ac2.63 billion, with the funds remaining provisionally secured for the criminal proceedings related to the \u201cmovie2k\u201d complex. The backstory behind the German government\u2019s <\/span>substantial Bitcoin holdings<\/span><\/a> involves a digital asset seizure from movie2k, a notorious and now-defunct movie piracy website. Earlier in January 2024, the government <\/span>seized 50,000 BTC<\/span><\/a>, worth over \u20ac2.1 billion at the time, from the operator of the movie2k website.<\/span><\/p>\n

Unlike some global jurisdictions that might hold onto the seized digital assets, German law mandates their liquidation. This mandate is part of an \u201cemergency sale\u201d under Article 111p of the Code Of Criminal Procedure. As a result, the Dresden Public Prosecutor Office had no alternative but to <\/span>sell off their Bitcoin stash<\/span><\/a> which was transferred by the accused at short notice.<\/span><\/p>\n

Germany\u2019s Bitcoin sale was also driven by its legal obligation to <\/span>liquidate valuable assets<\/span><\/a> before the conclusion of ongoing criminal proceedings, particularly when there is a threat or risk of significant loss.\u00a0<\/span>Considering\u00a0Bitcoin\u2019s notorious volatility<\/a> and its penchant for rapid price fluctuations, the threat of loss was always present and, therefore, necessitated the sale.<\/span>\u00a0<\/span><\/p>\n

Moreover, any speculation of prices or waiting on the rising value of the seized assets by the prosecuting authority is strictly prohibited in an emergency sale, which is expected to be carried out as quickly as possible. This is because the <\/span>current value of Bitcoin<\/span><\/a> and other price influential circumstances are irrelevant in deciding where and when to execute an emergency sale.\u00a0<\/span><\/p>\n

Germany Conducts Market-Friendly BTC Sale<\/h2>\n

During its blog post, the Saxony Central Office for the Protection and Realization of Virtual Currencies disclosed that the government had conducted a \u201cmarket-friendly and appropriate sale of Bitcoins.\u201d The government had initiated <\/span>multiple BTC dumps<\/span><\/a> in small tranches over a period of approximately three and half weeks, taking into consideration how substantial BTC sell-offs can significantly impact the market.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High<\/a><\/div>\n

According to the government, approximately 49,858 BTC was transferred on January 16, 2024, representing a total value of \u20ac1.96 billion at the time, with an average purchase rate of about \u20ac39,400. Looking ahead, the <\/span>price of Bitcoin<\/span><\/a> was not severely impacted by the German government\u2019s substantial lofty sell-off.\u00a0<\/span><\/p>\n

A crypto analyst, Simon Dedic revealed in an <\/span>X post<\/span><\/a> that the price of BTC has surged by almost 23% since <\/span>Germany\u2019s Bitcoin dump<\/span><\/a> and is now trading at a higher level than on June 19 when the government began transferring funds.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price fails to retest $65,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The German government has sold all of its Bitcoin (BTC) in just two weeks. The reason for the substantial Bitcoin dump was unveiled in a recent statement by the Saxony Central Office for the Protection and Realization of Virtual Currencies. Why Germany Sold All Its Bitcoin In a blog post published on July 16, the Saxon Central Office and Frankfurt Bankhaus Scheich Wertpapierspezialist AG, a German securities trading bank, announced that they had successfully completed the sale of approximately 49,858 BTC. Starting on June 19, 2024, the German government began to sell off its massive Bitcoin reserves, officially concluding sales on July 12, 2024.\u00a0 Related Reading: XRP Whales Are On The Move Again \u2013 Here\u2019s What They\u2019re Doing This Time The government disclosed that the sale proceeds had amounted to \u20ac2.63 billion, with the funds remaining provisionally secured for the criminal proceedings related to the \u201cmovie2k\u201d complex. The backstory behind the German government\u2019s substantial Bitcoin holdings involves a digital asset seizure from movie2k, a notorious and now-defunct movie piracy website. Earlier in January 2024, the government seized 50,000 BTC, worth over \u20ac2.1 billion at the time, from the operator of the movie2k website. Unlike some global jurisdictions that might hold onto the seized digital assets, German law mandates their liquidation. This mandate is part of an \u201cemergency sale\u201d under Article 111p of the Code Of Criminal Procedure. As a result, the Dresden Public Prosecutor Office had no alternative but to sell off their Bitcoin stash which was transferred by the accused at short notice. Germany\u2019s Bitcoin sale was also driven by its legal obligation to liquidate valuable assets before the conclusion of ongoing criminal proceedings, particularly when there is a threat or risk of significant loss.\u00a0Considering\u00a0Bitcoin\u2019s notorious volatility and its penchant for rapid price fluctuations, the threat of loss was always present and, therefore, necessitated the sale.\u00a0 Moreover, any speculation of prices or waiting on the rising value of the seized assets by the prosecuting authority is strictly prohibited in an emergency sale, which is expected to be carried out as quickly as possible. This is because the current value of Bitcoin and other price influential circumstances are irrelevant in deciding where and when to execute an emergency sale.\u00a0 Germany Conducts Market-Friendly BTC Sale During its blog post, the Saxony Central Office for the Protection and Realization of Virtual Currencies disclosed that the government had conducted a \u201cmarket-friendly and appropriate sale of Bitcoins.\u201d The government had initiated multiple BTC dumps in small tranches over a period of approximately three and half weeks, taking into consideration how substantial BTC sell-offs can significantly impact the market.\u00a0 Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High According to the government, approximately 49,858 BTC was transferred on January 16, 2024, representing a total value of \u20ac1.96 billion at the time, with an average purchase rate of about \u20ac39,400. Looking ahead, the price of Bitcoin was not severely impacted by the German government\u2019s substantial lofty sell-off.\u00a0 A crypto analyst, Simon Dedic revealed in an X post that the price of BTC has surged by almost 23% since Germany\u2019s Bitcoin dump and is now trading at a higher level than on June 19 when the government began transferring funds.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":630421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790,92650,92768,92769],"class_list":["post-630401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-german-government","tag-german-government-bitcoin","tag-german-government-btc"],"acf":[],"yoast_head":"\nWhy Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks<\/title>\n<meta name=\"description\" content=\"The German government has sold all of its Bitcoin (BTC) in just two weeks and the reason for the dump was unveiled in a recent statement.\" \/>\n<meta name=\"robots\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks","url":"http:\/\/ktsl888.com\/news\/bitcoin\/german-government-50000-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/german-government-50000-btc\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-germany.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-germany.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","german government","german government bitcoin","german government btc"],"dateCreated":"2024-07-18T13:30:57Z","datePublished":"2024-07-18T13:30:57Z","dateModified":"2024-07-18T13:30:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/german-government-50000-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/german-government-50000-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-germany.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-germany.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"german government\",\"german government bitcoin\",\"german government btc\"],\"dateCreated\":\"2024-07-18T13:30:57Z\",\"datePublished\":\"2024-07-18T13:30:57Z\",\"dateModified\":\"2024-07-18T13:30:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-germany.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/630401"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=630401"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/630401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/630421"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=630401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=630401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=630401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}