German government sold nearly 50K Bitcoin for $53,000 each in June-July 2024 as part of the Movie2K case asset liquidation.
The sale missed $1.84 billion in profits as Bitcoin surged to $89,956, making the BTC worth $4.48 billion today.
While the enthusiasm over the Bitcoin market is soaring every day, Germany’s recent decision to sell nearly 50,000 BTC at $53,000 per coin during June and July has led to an estimated “$1.84 billion in missed profits” as Bitcoin surged to a new all-time high of $89,956.88.
At the current market prices, the “49,858 BTC sold would be worth about $4.48 billion.”
According to the early report, the German authorities conducted the sale between June 19 and July 12 and raised approximately $2.8 billion. These BTC’s were seized in January from the operators of the pirated movie website Movie2k, when their value was $43,000.
Under German law, authorities must sell assets involved in criminal cases if their market value fluctuates by more than 10%, to prevent losses due to volatility.
However, this German government decision comes at a time when markets have been on a tear. Despite July’s concerns that this BTC sale could trigger more volatility in the Bitcoin market, BTC has well-stabilized and holds steady above $55K.
Bitcoin Surge Drives Optimism for $100K Target in 2024
Bitcoin’s 30% surge over the past week that has been fueled by a rally following Trump’s victory in the US presidential election. This rally has had a significant impact in the global crypto market. This key development brings BTC close to the $90,000 zone. The likelihood of BTC reaching $100K in 2024 is now at 62%, according to Polymarket.
As Bitcoin’s price continues to rise, German parliament member Joana Cotar has voiced concerns about the U.S. potentially adopting Bitcoin as a strategic reserve asset, suggesting that European countries might experience a “FOMO” effect.
Amid this rally, many crypto traders are now predicting Bitcoin could hit $100K by the end of the year. While some analysts are optimistic that BTC may hit this target mark anytime soon. At the time of writing, Bitcoin is priced at $87,894, with a market cap of $1.74 trillion.
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