Justin Sun, the founder of the Tron blockchain, made fun of Germany and its massive BTC sell-off. Justin suggested that Germany lost in the UEFA Euro 2024 Cup quarter-finals because she ‘sold too much Bitcoin.’ Other X users and BTC enthusiasts added to the tweet, with some X users suggesting that Germany should have HODLed.
Germany started shorting Bitcoin gathered from illegal activities at the end of June, following Mt. Gox’s plans to begin repaying its creditors. Mt. Gox, a former Japanese crypto exchange, went bankrupt in 2014 after suffering a series of heists. The exchange lost approximately 950,000 BTC. Mt. Gox recently began making payments to its 20,000+ creditors in BTC and BCH.
The 5,000 BTC Germany transferred since the sell-off began are approximately $258 million at current BTC prices. The main accounts Germany moved its BTC to include Bitstamp, Coinbase, and Kraken. Data from Arkham Intelligence shows that Germany has 39,826 BTC left, valued at $2.31 billion.
The crypto markets seemed to recover on July 6 despite the market uncertainty experienced over the past few weeks. Bitcoin’s price increased by approximately 2.35%, retesting the $57,000 level. The crypto market also showed a general upward trend, with the global market cap increasing by over 2% in the past 24 hours.
🔸 Joana Cotar disapproves of Germany’s BTC sale
German politician Joana Cotar posted her thoughts on Germany’s decision to short its BTC on X. In her tweet, Joana mentioned her concerns about the country selling off its Bitcoin instead of holding it as a strategic reserve currency.
💬 Statt #Bitcoin als strategische Reservewährung zu halten, wie es in den USA bereits debattiert wird, verkauft unsere Regierung im großen Stil. Ich habe @MPKretschmer, @c_lindner & @Bundeskanzler @OlafScholz darüber informiert, warum dies nicht nur nicht sinnvoll, sondern.. — Joana Cotar