Germany Faces $2 Billion Loss After Selling Bitcoin Early
Germany recently lost out on nearly $2 billion after selling almost 50,000 Bitcoins earlier this year, just before a record price surge. The Bitcoin, seized from the pirated movie site Movie2k.to, was sold in line with laws requiring volatile assets to be liquidated.
At the time, the sale brought in $2.8 billion, based on a price of $53,000 per Bitcoin. However, Bitcoin has since soared to $96,434, making the value of the seized holdings $4.67 billion. The missed timing cost Germany a significant profit.
The rise in Bitcoin’s value is linked to its April 2024 Halving event, which reduced mining rewards, as well as increased institutional investment and optimism following the U.S. presidential election. Despite the legal rationale for the sale, critics argue the decision was premature and poorly timed.
This event highlights the challenges of managing volatile digital assets and underscores Bitcoin’s growing influence in global markets.
