Germany and the US Lost Billions of Dollars in Early Bitcoin Selloffs
Date: 2024-11-13 Author: Oliver Abernathy Categories: IN WORLD
Germany made about $2.88 billion by selling 50,000 Bitcoins confiscated from the Movie2K streaming platform. However, at current rates, those Bitcoins would be worth about $4.4 billion, which means a loss of $1.5 billion. Bundestag MP Joana Kothar criticized the government, calling the sale of the cryptocurrency a hasty and short-sighted decision.
The United States sold 195,091 Bitcoins in eleven auctions, raising $366.5 million. As of November 12, the market value of these bitcoins exceeded $17 billion, resulting in a lost profit of more than $16.6 billion. Bitcoin Magazine CEO David Bailey believes that the United States could have had more than 400,000 BTC in reserve, but the actions of the Biden administration led to the loss of this opportunity. He called on the new US leadership to actively engage in the creation of a strategic reserve of bitcoins in order to prevent the loss of economic advantages in the future.
According to James Butterfill, head of research at CoinShares, the new US administration can create favorable conditions for the growth of bitcoin. Donald Trump's plans to create a government reserve and the possible purchase of up to 5% of the total supply of bitcoins can elevate its status to that of gold.
