In a few weeks, the German Government managed to reduce its 50,000 Bitcoin holdings to zero after relentless sales sent the cryptocurrency market into meltdown. However, with the German government ending all of its sales, the price of Bitcoin, as well as the cryptocurrency market, rebounded in response, rising more than 20% since then. BTC Price is higher now, here’s how much the German government’s assets would have been if it had not sold.
German Government’s 50,000 BTC Is Reportedly Worth $3.27 Billion
The German government continued to get rid of its Bitcoin Even after the price crash, and by the time the last tranche of coins were sold, the price of Bitcoin was hovering around $53,000. Given this, the average sale price was around $57,000, bringing the total value realized from the sale to around $3 billion.
However, if the German government had not sold any of its 50,000 BTC and waited for the recovery, the dollar value of the coins would have been considerably higher. BTC Value At the time of writing, approximately $65,400, the holdings would now be worth $3.27 billion.
This means that in less than a week, the 50,000 BTC from the German government The stock could be worth $270 million more if it were held. It also shows the potential profit the government missed by selling so early.
The government sale has not gone unnoticed and has drawn much criticism from Germans. Jaona Cotar, a member of the German Bundestag, is among those who have criticized the move. In an X (formerly Twitter) jobCotar has reprimanded the German government for its decision to sell BTC, lamenting the fact that The country now holds exactly 0 Bitcoin.
“That’s how many #Bitcoins Germany still has out of 50,000. Congratulations, you have to be pretty stupid to be able to do that,” reads X’s post.
Bitcoin is rising after massive sell-off
While the German government Massive Bitcoin Sales were bearish at the time, the aftermath proved just how strong Bitcoin is now. After the government’s wallet hit zero late last week, Bitcoin Price began to rebound, taking the entire cryptocurrency market with it.
The stock price has gone from trending around $53,000 to a high of $66,000 in the early hours of Wednesday, a 20% increase since then. Market sentiment has also increased drastically, from extreme fear to greed in just under a week.
Featured image created with Dall.E, chart by Tradingview.com