Months after emptying its Bitcoin holdings, there are hints that Germany may acquire millions of dollars worth of the coin. In an earlier X post, Bitcoin (BTC) bull Samson Mow suggested that Germany make BTC its treasury reserve asset.
Germany And The Samson Mow Influence
Samson Mow was a guest at the German Bundestag, where he discussed Bitcoin strategies for nation-states.
He took to X to thank Joana Cotar, the 51-year-old Bundestag member, for extending the invitation. Samson Mow wished the government success acquiring 281,267 BTC for its future strategic reserves. Based on Bitcoin’s current market value of $68,381.79 per coin, this stash would be worth around $19.2 billion.
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Earlier this year, the government seized 50,000 BTC in an operation against Movie2k, a site that offers pirated movies. This marked the largest-ever seizure of crypto that the government had recorded. The stash was $2.1 billion based on the exchange rate during the seizure. The German government began to offload the holding in June.
Over 900 BTC worth $54.76 million were transferred in one day in the first month. This offload coincided with the period when Mt.Gox resumed the repayment proceedings for its customers. Based on updates from Arkham Intelligence, the German government sold off the Bitcoin stash in bits over several months.
More Bitcoin Offloads by The German Government
By July 11, the German government had offloaded 6,000 Bitcoin, equivalent to $354 million. Finally, the government liquidated all the Bitcoin by mid-July, with the last selloff of 3,846 Bitcoin units on July 12.
Arkham Intelligence data showed that the last transaction involved the transfer of the coins to institutional deposit or OTC service providers, “Flow Traders and 139Po.” It is worth noting that the offload trend greatly impacted the price of Bitcoin, which made it significant. Precisely, BTC dropped to around $55,000 during that period.
Will Germany Buyback The Bitcoin It Sold?
The sudden pivot to buy Bitcoin has sparked mixed reactions amongst the crypto community, with many wondering why the move. At the time of the offloads, Cotar tried to discourage the German government from discarding the BTC holding. However, all attempts fell on deaf ears.
She encouraged the use of Bitcoin as a strategic reserve currency. The German government may have finally listened to her stance. If this happens, Germany may join El Salvador and Bhutan in holding the leading cryptocurrency.
El Salvador holds 5,907 BTC, valued at $402 million, while Bhutan holds 13,166 BTC ($844 million). The United States has the largest BTC holdings, with 203,239.
Most of this stash came from the Dark web marketplace Silk Road seizures. Republican Presidential candidate Donald Trump still plans to create a Bitcoin strategic reserve if re-elected.
With Samson Mow’s advocacy and the global embrace of spot Bitcoin ETF, a shocking buyback may be recorded in the coming months. This can also serve as a major boost for other countries in the EU and around the world.
