According to U.Today, Samson Mow, a prominent Bitcoin advocate, has commented on the German government's recent sell-off of its national Bitcoin holdings. Mow explained that Germany was compelled to sell its Bitcoin, which was seized from an illegal film piracy website, due to the illicit nature of the funds. He suggested that Germany should develop a strategy to reacquire at least $50,000 in Bitcoin as part of a national adoption plan by October this year.
The German government began selling its nearly $3 billion Bitcoin holdings through major exchanges in late June, completing the process this past Friday. This massive sell-off exerted significant selling pressure on the cryptocurrency market, causing Bitcoin's price to drop by as much as 15% in July. Data from Arkham revealed that Germany sold over $550 million worth of Bitcoin in a single day.
Despite concerns and the current state of
