According to U.Today, the German government has lost its Bitcoin billionaire status following a series of transfers to major cryptocurrency exchanges totaling over $117 million worth of BTC. This comes after a relentless selling spree over the past few weeks, which has reduced the government's Bitcoin holdings to less than a third of the coins originally confiscated from the operators of the movie2k.to exchange.
In January, the Saxon State Criminal Police Office announced a significant confiscation of 50,000 Bitcoins, worth more than $2 billion at the time. This made Germany one of the top Bitcoin holders among governments. However, the government began a massive Bitcoin selling spree in early June, causing concern among traders and investors.
The selling spree has drawn criticism from within the cryptocurrency community. Joana Cotar, an independent member of the German parliament, recently urged Michael Kretschmer, minister president at the government of Saxony, and other German government officials to stop selling Bitcoin, emphasizing its diversification properties and other positive qualities. However, Saxony, a state in the eastern part of Germany, may not have a choice as assets seized from criminals are typically liquidated.
Despite the ongoing selling spree, it is expected to end soon. Bitcoin evangelist Alessandro Ottaviani predicts that the state will stop liquidating its cryptocurrency holdings by July. 'This will likely be done with selling by the end of the week or latest by the beginning of next week,' he stated on a social media platform.