German government stops selling Bitcoin

Joanna Kotal, a German MP and Bitcoin activist, called on the government to stop selling Bitcoin. She pointed out that the continuous selling has affected the price of Bitcoin, causing it to gradually depreciate in June and set a record of a single-day drop below $54,000 on July 5. Two days ago, the price of Bitcoin was over $60,000. On July 4, a wallet associated with the "German Government (BKA)" transferred $172 million worth of Bitcoin.

Of course, there are other factors in the decline of Bitcoin, and the German government's selling of assets is not the only reason. Mt.Gox's initiation of repayment procedures to creditors on July 4 is also an important reason.

Kotal explained why the government must hold Bitcoin. She believes that selling Bitcoin will cause the price to fall, while keeping Bitcoin in the government's reserves will help diversify reserves, provide a hedge against inflation and currency depreciation, and promote the legalization of cryptocurrencies in the country, thereby promoting innovation.

She published a post on social media platform X, calling on three other lawmakers to attend a lecture on "Bitcoin strategies for nation states" in October 2024 to understand the importance of Bitcoin.

A translated version of the post is as follows:

"Rather than being a strategic reserve currency, as the US is already discussing,#Bitcoinis being sold en masse by our government. I have explained to @MPKretschmer, @c_lindner and @Bundeskanzler @OlafScholz why this is not only unwise but counterproductive. We will hold a lecture on "Bitcoin strategies for nation states" with Samson Mow (@Excellion) on October 17 at Paul-Löbe-Haus, welcome to attend." Guanzhu Public Account: Xi Ye Miao, Mian Fei Jia Skirt.

So far, Germany has transferred less than 20% of its Bitcoin holdings - it allegedly confiscated 50,000 Bitcoins from the pirated website Movie2K. It is not yet certain whether the government will transfer all of its remaining Bitcoins, but it is a possibility. Tron's Justin Sun recently said he was interested in buying all of Bitcoin off-market to prevent Bitcoin from depreciating.

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