German government’s Bitcoin dumping sparks heated debate

Germany recently ended their tournament run with a loss to Spain in the quarter-finals of UEFA Euro 2024. The incident prompted ridicule from cryptocurrency enthusiasts, who pointed the finger at the German government's massive Bitcoin sell-off. Tron blockchain founder Justin Sun teased on X that the German team may have lost because the government sold too many Bitcoins.

Source: X Sun Yuchen teased that the German team would lose the European Nations Cup because of selling Bitcoin.

Other cryptocurrency enthusiasts joined in on the light-hearted banter. “As a European, I agree,” Lucie, a content marketing expert at Shiba Inu, said on . Initially, the government held 45,609 Bitcoins, worth approximately $2.81 billion.

According to data from Arkham Intelligence, Germany currently holds 39,826 Bitcoins, meaning they sold 5,783 coins worth more than $319 million in less than four weeks. During this period, Bitcoin’s market value fell by 18.22% from a high of $65,687 on June 19 to a low of $53,717 on July 5. This huge drop in Bitcoin price significantly affected the broader altcoin market, leading to even more severe losses for other cryptocurrencies.

Source: Arkham Intelligence Number of Bitcoins currently held by the German government

The voices of politicians and experts

German MP Joana Cotar also criticized the government's massive Bitcoin sell-off, calling it irrational and calling on the government to "hold Bitcoin as a strategic reserve currency." She said on X that the country should consider Bitcoin’s strategic value rather than rush to sell it.

Joana Cotar also shared her thoughts on Germany’s Bitcoin sell-off on social media. She pointed out that the United States, El Salvador and other countries are exploring the possibility of adopting Bitcoin, but the German government has chosen to sell out at this time, which is a wrong decision. She emphasized that Bitcoin can help the country diversify its wealth, fight inflation and economic crises, and recommended future lectures on "National Bitcoin Strategy" to politicians.

In this talk, Bitcoin enthusiast Samson Mow will discuss how Bitcoin can help countries achieve economic growth and stability. Joana Cotar’s voice has attracted widespread attention in German politics. She called on the government to abandon its push for a digital euro and instead embrace Bitcoin, arguing that this is the right direction for the future.

Starting to talk again? Justin Sun: I will take all the Bitcoins sold in Germany. German congressmen call on the government to stop selling coins!

Bitcoin and the future of the digital euro

Cotar also expressed strong opposition to the European Central Bank’s push for a digital euro. In a speech to parliament, she questioned the need for a digital euro and noted that the reasons for its advantages were not clearly explained. She stressed that demand for a digital euro appears to be limited to the European Central Bank and a handful of politicians, while the majority of the public does not support the plan.

Cotar is also concerned about the financial risks a digital euro could bring and says the ECB's commitment to privacy is unreliable. She warned that a digital euro could increase government surveillance of the public and called on people to "research Bitcoin." She further emphasized on social media: "This is not about another payment method, it is about control. The digital euro is the road to total surveillance."

Cotar’s voice is particularly important as the German government becomes active in the cryptocurrency market. She is a staunch opponent of a digital euro and a passionate advocate for Bitcoin as a safe and efficient reserve asset. Her views have been widely discussed both within and outside political circles and could have far-reaching implications for future digital monetary policy.

Overall, Cotar’s views highlight the potential advantages of Bitcoin in the current economic environment and call on the German government to reconsider its digital currency strategy to ensure the country’s long-term economic stability and prosperity.

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.