Germany Buys Back Bitcoin After Major Sell-Off.🇩🇪
In a surprising reversal, the German government has repurchased a substantial amount of Bitcoin, just a day after selling off a significant portion of its holdings.
📍Details of the Transactions
The government wallet received 2,442 Bitcoins (approximately $141 million) from various sources, including crypto exchanges Kraken and Bitstamp, as well as untagged addresses. This move follows the sale of over 10,853 Bitcoins the previous day.
📍Analysis and Implications
Analyst Steven Zheng suggests that this sudden buyback indicates the initial sales were not part of a pre-arranged agreement with any exchange. The government's actions are likely part of its ongoing effort to manage 50,000 confiscated Bitcoins.
📍Controversial Strategy
The government's Bitcoin management strategy has faced criticism, with Bundestag member Joana Cotar labeling the hasty sales without a clear plan as "unproductive."
