Germany Has Missed out on $1.1B by Selling BTC Too Early

Following Bitcoin’s surge past $77,000 on Friday, the German government will rue the massive profits it missed out on following its early Bitcoin sales. For context, the German Federal Crime Police (KBA) sold 50,000 BTC on the open market between June and August.

Germany sold its Bitcoin stash when the asset was trading at around $54,000. The country realized approximately $2.7 billion from the sales, which is substantial considering it acquired the premier asset through seizure.

However, Bitcoin has surged considerably since then. The largest cryptocurrency by market cap has appreciated almost 30% from Germany’s average $54,000 selling pressure. At the current market price, the German government’s seized Bitcoin stash would be worth over $3.8 billion, an additional profit of $1.1 billion.

German Misses on Further Bitcoin Gain

Mid-January saw the German Federal Crime Police (KBA) confiscate 50,000 BTC from Movie2k.to, a film piracy site that has existed since 2013. Notably, the indicted firm was forced to transfer its Bitcoin stash, worth $2.12 billion then, to the KBA. 

The German government held the bitcoins for approximately six months and was the fourth-largest Bitcoin-holding government entity at the time. However, the KBA began dumping its Bitcoin on June 19, selling off its stash in a few weeks. 

Notably, Germany sold the seized Bitcoin through notable exchanges, including Coinbase, Bitsamp, and Kraken. The incessant sales induced FUD within the crypto community and wiped out millions in trading positions, especially as it coincided with the Mt. Gox creditor’s Bitcoin repayment. 

Meanwhile, Bitcoin has outlasted the bearish sentiment, pushing past its previous all-time high of around $74,000 to new highs. Sponsored by the bullish presidential election outcome, Bitcoin’s upsurge has ensured that the German government missed out on over $1.1 billion in profit, which would have boosted its GDP by a substantial 0.02%.

Bitcoin Maintains Bullish Momentum 

Bitcoin has continued its notable upside, setting record highs almost daily following Donald Trump’s conquest. Trump’s promise to build a crypto-friendly environment has fueled investor confidence, which is evident in the record inflows seen in the US Bitcoin spot ETFs on Thursday.

Meanwhile, former Binance CEO and co-founder Changpeng Zhao has reminded cryptocurrency enthusiasts and prospective investors that “this is just the beginning.” CZ’s comments came less than an hour after the crypto firstborn broke the $77,000 mark for the first time.

At press time, Bitcoin was trading at $76,574, 0.9% up in the past 24 hours.