- Germany’s Bitcoin sales missed $2.3 billion gains as BTC hit the $100K milestone.
- Nation-states accumulate Bitcoin reserves, led by the U.S. with 208,000 BTC.
As a seasoned investor with over two decades of experience under my belt, I can’t help but shake my head at Germany’s decision to sell their Bitcoin reserves when they were worth $2.88 billion back in July. Looking at the current price of BTC surging past $100K, it’s a clear missed opportunity that could have netted them an additional $2.3 billion in gains.
As a crypto investor, I’ve been keeping a keen eye on Germany’s Bitcoin [BTC] transactions, and the latest updates have sparked renewed debates about the potential consequences of such strategies.
Back in July, Germany sold 50,000 BTC at $57,600 per Bitcoin, securing $2.88 billion.
Yet, given that Bitcoin has just passed the $100K threshold and is currently valued at $102,436.85, the initial choice seems to lack foresight.
Is Germany’s Bitcoin sell-off a big mistake?
If Germany had kept its Bitcoin (BTC) reserves, the increase in their worth could have reached approximately $5.1 billion. This suggests that they missed out on around $2.3 billion in potential profits.
Seeing this move, many Bitcoin enthusiasts weighed in.
For instance, Thomas Kralow took to X and noted,
“This is what happens when you are not bullish enough.”
Nations stepping up with Bitcoin game
Indeed, it’s come to light that many countries are amassing significant amounts of Bitcoin in their reserves, with the United States currently holding around 208,000 Bitcoins, worth approximately $17 billion.
As a researcher, I find that China holds approximately 190,000 Bitcoin, a significant portion of which was confiscated from the notorious PlusToken Ponzi scheme.
Currently, as per Chainalysis’ findings, the United Kingdom now ranks third among Bitcoin holders, with approximately 61,000 Bitcoins valued at around $5 billion.
This notable accumulation underscores a competitive dynamic among major nations in leveraging Bitcoin as a strategic asset.
Reameking on the same, Bitcoin Archive took to X and noted,
Is Bitcoin going to turn bearish or remain bullish?
It’s clear that the rising trend of Bitcoin is capturing worldwide interest, and countries such as Ukraine and El Salvador are bolstering their stances by acquiring 46,351 Bitcoins and 6,153 Bitcoins respectively, into their reserves.
Simultaneously, Germany’s decision to sell its seized 49,857 Bitcoins has sparked debate over the potential losses associated with this action, given that Bitcoin has lately surpassed the $100K price point.
Currently, Bitcoin is being traded for approximately $98,334.09, representing a decrease of 4.23% over the past day, as reported by CoinMarketCap.
In summary, even though certain people think this might initiate a bigger price adjustment, important factors such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) seem to contradict this notion.
These statistics suggest that Bitcoin’s positive trend may persist, emphasizing its enduring allure amidst the growing unpredictability of the cryptocurrency market.
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2024-12-06 22:47