The German government recently transferred more than $175 million worth of Bitcoin (BTC) to multiple cryptocurrency exchanges including Coinbase, Kraken, and Bitstamp. Currently, the German government still holds 40,359 BTC in on-chain tagged addresses, with a total value of approximately $2.3 billion. This national-level selling pressure is considered one of the reasons for the continued decline in the market. German Bundestag member Joana Cotar strongly criticized this decision, believing that it will have a long-term negative impact on the stability of the cryptocurrency market.

German MP: We should think about the strategic significance of BTC

In a series of tweets, German Bundestag member Joana Cotar strongly condemned the government’s recent decision to sell a large amount of Bitcoin. She believes that this move is counterproductive and contrasts it with the United States’ strategic perspective on Bitcoin.

Joana Cotar pointed out that in the United States, Bitcoin is seen as a strategic reserve currency, and the German government's selling behavior is short-sighted. She expressed her concerns to Saxony Governor Michael Kretschmer, Finance Minister Christian Lindner and Chancellor Olaf Scholz, and urged them to reconsider this strategy.

It is understood that Germany's sale of Bitcoin originated from an investigation into the illegal movie streaming website Movie2k.to, during which about 50,000 Bitcoins were seized, which are currently worth more than US$3 billion.

According to blockchain intelligence company Arkham, in the past two days, the German government has transferred 1,300 BTC (about $76 million) to exchanges such as Kraken, Bitstamp and Coinbase. They also transferred 1,700 BTC (about $99 million) to address 139Po. These funds may be transferred to institutional services or over-the-counter deposits. The German government currently still holds 40,359 BTC in on-chain marked addresses, with a total value of approximately $2.3 billion.

Justin Sun boasted: All BTC from Germany will be accepted

As the price of Bitcoin fell and the German government transferred millions of dollars of Bitcoin, Tron founder Justin Sun announced on X that he was ready to buy the remaining Bitcoin from the German government. Sun proposed to buy all the Bitcoin held by the German government through over-the-counter (OTC) transactions to minimize the impact of these Bitcoins flowing into the market on the price.

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