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Germany's Bitcoin Selling Is Unstoppable

The German government is making waves in the cryptocurrency market with another massive transfer.

Just hours ago, the German government transferred another 700 Bitcoins, according to blockchain analytics platform Lookonchain.

The latest transfer comes after Joanna Cotard, an independent member of the German parliament, urged the government to stop liquidating its remaining Bitcoin holdings. The crypto-friendly politician believes that the largest cryptocurrency could become an inflation hedge while also promoting economic sovereignty and innovation.

However, her argument is clearly not being accepted, as the German government continues its massive sell-off.

According to Lookonchain estimates, the German government has transferred as much as $819 million worth of Bitcoin. It continues to hold about $2.3 billion in Bitcoin, which means that the battered cryptocurrency market could still face huge selling pressure.

Where does Germany's Bitcoin wealth come from?

Germany's Bitcoin wealth comes from the website Movie2k.to. The website aggregates pirated media content available on the Internet, including popular movies and TV series. It only provides users with a search function and does not directly host the content.

At the height of its popularity, Movie2k.to became one of the most popular websites in Germany, even surpassing social media giant Twitter. However, after years of efforts by several major film companies, the website was shut down in May 2013.

In the end, German authorities confiscated 50,000 Bitcoins from one of the operators of the notorious website.

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