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Germany’s $1.7B Bitcoin loss: Selling BTC at $54K was a huge mistake

Source Cryptopolitan

In July, Germany sold nearly 50,000 bitcoins at around $53,000 per coin from seized assets to generate $2.8 billion. Fast forward to today, those holdings are now worth around $4.5 billion. That’s an estimated $1.7 billion in missed profits.

Bitcoin’s 53% surge in the last 60 days has made all the difference. A rally sparked by with Donald Trump’s victory in the US presidential elections has led BTC very close to the $90,000 mark. The odds of BTC hitting $100K in 2024 now stands at 62%, according to Polymarket.

Germany’s BTC sale regret

Per reports, the sales conducted between June 19 and July 12 were part of the “Movie2k” criminal case. German law requires the sale of assets when their market value fluctuates by over 10%. However, Bitcoin’s recent surge above $88,000 further highlights the financial impact of the early sale.

These bitcoins were seized in January from the operators of the pirated movie website Movie2k.co, with BTC valued at $43,000 at the time. Bitcoin is trading at an average price of $88,027 as of press time.

At the time, German MP Joana Cotar raised concerns about the US potentially making Bitcoin a strategic reserve asset. She suggested that European countries may soon follow suit. With the odds of Bitcoin hitting $100K in 2024 at 62%, Germany’s missed opportunity is a painful reminder of how volatile and profitable the crypto market can be.

The recent record-breaking highs have been fueled by optimism following Donald Trump’s election win. Trump’s victory has driven broader market optimism, pushing Bitcoin linked stocks and even the S&P 500 to new highs. The rally is largely driven by speculation of favorable regulatory changes.

El Salvador’s bold Bitcoin bet pays off

In 2021, El Salvador made history by becoming the first country to adopt Bitcoin as legal tender. This decision sparked global debate. However, Bitcoin’s surge has finally paid off. The country holds around 6,154 BTC, now worth $510.1 million. This has generated a $24.5M profit for the country and a major win for President Nayib Bukele’s experiment.

The country has been acquiring one Bitcoin per day since November 2022. The country has also attracted massive investments. This includes a $1.6 billion deal for its seaports which marked the largest private investment in the country’s history.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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