Bitcoin

German lawmaker demands strategic review amid Bitcoin sell-off chaos

Published

10 months ago

8 July, 2024

German lawmaker demands strategic review amid Bitcoin sell-off chaos

April 27, 2023, Berlin: Joana Cotar (independent) addresses the 100th session of the German Parliament… [+] Bundestag. The debate is on the further development of skilled labour immigration. Photo: Jörg Carstensen/dpa Photo by Jörg Carstensen

dpa/images alliance via Getty Images

The German government recently stepped up its bitcoin liquidation by transferring approximately $75 million to exchanges such as Coinbase, Kraken and Bitstamp.

This was part of a larger strategy, with 315 million dollars in bitcoin sold since mid-June, bringing total sales to more than $390 million in less than a month. Germany’s Federal Criminal Police Office continues to sell bitcoin, signaling a potential plan to liquidate parts of its reserves. Despite market concerns, the amounts transferred represent a small portion of Germany’s holdings, leaving 40,359 bitcoins still in reserve.

However, in a surprising reversal, the German government recently moved back 1,915 bitcoins worth $111.5 million. This follows weeks of large-scale bitcoin sales that stirred market volatility. This reversal has sparked more questions and skepticism.

This strategy mirrors recent sales of confiscated bitcoins by the US government, raising concerns about the impact on the market, especially as payments to Mt. Gox creditors loom.

Joana Cotar, an independent MP, expressed frustration and concerns about the lack of a coherent strategy. She told Forbes: “I can only speculate about why the government is selling now. Given that we have huge budget deficits in Germany at the moment, that could be one of the reasons. The upcoming elections could also play a role,” Cotar noted. She highlighted the government’s apparent ignorance about the potential effects of its actions, adding: “I am not sure whether the government was or is aware of the consequences of its sales. It also does not seem to be aware that such sales are not necessarily carried out through stock exchanges, but rather No prescription.”

Cotar called for a strategic approach, emphasizing missed opportunities. She said: “I fear that the government does not have a strategy on how it wants to deal with bitcoin. That is why I asked for such a strategy in my letter to the government. We need to diversify our treasury and finally view and maintain bitcoin as a strategic reserve currency.”

As Germany sells its bitcoin, Wall Street is seizing the chance to buy the dip. “It’s really frustrating to have to watch politicians who have no idea about the issue waste a great opportunity,” Cotar reflected.

The German government’s ongoing bitcoin sales are being closely watched, with analysts predicting short-term market volatility. The strategic implications of these actions, both for Germany’s financial future and the broader cryptocurrency market, remain a critical area of debate.

As the situation unfolds, the bitcoin market will be watching to see how these large-scale government sales impact it and whether other nations will adopt similar strategies. Germany’s bitcoin sales highlight the need for a well-defined strategy in digital asset management, balancing immediate financial needs with long-term opportunities.

Several other countries hold significant amounts of bitcoin. In 2024, the United States will lead, followed by China and then the United Kingdom.

There are indications that countries like the United States are being advised on how bitcoin can be strategically integrated into national security and economic policy.

As the world watches Germany’s shift in bitcoin strategy, the actions taken by other nations will continue to shape the future of bitcoin’s adoption as a strategic reserve asset. The need for a cohesive, forward-thinking approach has never been more evident – we are seeing game theory in action.

Fuente

Up Next

What’s Next for Bitcoin (BTC) Prices? Traders Target $50,000 as Billions in Selling Pressure Loom

Don't Miss

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

Financial Block Staff

We are the editorial team of Financial Block, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Financial Block, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

9 months ago

1 August, 2024

Financial Block Staff

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

Fuente

Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

9 months ago

1 August, 2024

Financial Block Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

Getty Images

The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

Fuente

Bitcoin

Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Published

9 months ago

1 August, 2024

Financial Block Staff

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.

CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Fuente

Bitcoin

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Published

9 months ago

1 August, 2024

Financial Block Staff

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

Fuente