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The German government has made a significant move in the cryptocurrency market, selling 700 Bitcoins despite calls from parliament member Joana Cotar to stop liquidating its Bitcoin holdings. Cotar argues that Bitcoin can hedge against inflation and promote economic sovereignty and innovation. However, the government sold about $819 million worth of Bitcoin and still holds about $2.3 billion. This sell-off could put further pressure on the volatile cryptocurrency market.
Bitcoin originated from the seizure of assets from a website that was shut down in 2013 for media content piracy. German authorities confiscated 50,000 Bitcoins from one of the website operators. This development highlights the intersection between law enforcement, digital assets and financial markets, sparking ongoing debates about the use and regulation of cryptocurrencies.
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