Germany’s recent Bitcoin liquidation has reignited debate over government crypto sales. As BTC sets new all-time highs, timing mistakes carry multi-billion-dollar consequences.
German authorities may have forfeited over $3 billion in potential gains by selling nearly 50,000 BTC just weeks before Bitcoin surged past $120,000. The sale, which averaged $57,900 per coin, took place between June 19 and July 12 and was managed by Saxony’s Central Office for Virtual Currency Custody in cooperation with federal police and Bankhaus Scheich Wertpapierspezialist AG.
The assets stemmed from the Movie2k criminal investigation and yielded around $2.8 billion at the time. However, based on recent data from TradingView, that same Bitcoin stash would now be worth approximately $6 billion.
Bitcoin recently climbed more than 10% in a single week, breaking past $121,000 on Sunday to mark a new all-time high. At the time of reporting, the asset was trading at roughly $120,700.
Germany isn’t alone in missing out on crypto gains. The U.S. government previously auctioned over 195,000 BTC for a combined $366 million across the last decade. Casa’s CSO Jameson Lopp notes that those holdings would now exceed $23 billion in value.
Despite past missteps, the U.S. Treasury currently holds over 198,000 BTC worth close to $24 billion, according to blockchain data firm Arkham Intelligence.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: cryptoslate.com.