As a researcher with a background in finance and cryptocurrencies, I’m deeply concerned about the German government’s recent Bitcoin transactions. The frequent selling of BTC by the government is causing unease among crypto enthusiasts and raising questions about the potential impact on market prices.
The repeated moves by the German authorities to shift Bitcoins from their holdings to exchanges are causing unease among cryptocurrency fans, with some expressing their apprehensions.
Stop German Government’s Bitcoin Transfer
Over the past few weeks, the German government has carried out numerous Bitcoin (BTC) transfers. Just a day earlier, there were reports suggesting that the German government sold approximately 1,300 Bitcoins on significant crypto platforms.
As an analyst, I’ve noticed some significant transactions in the Bitcoin market recently. Specifically, Arkham Intelligence reported that approximately 500 BTC, equivalent to around $29.05 million, were transferred to Bitstamp. The German government also moved 400 BTC each, worth about $23.24 million, to Coinbase and Kraken respectively. In total, these transactions amounted to nearly $76 million in value. It’s important to mention that the Bitcoin price dipped below $58,000 shortly after this large-scale liquidation, sparking worries of a possible deeper decline.
As a researcher examining this situation, I would express my disagreement with the government’s decision to liquidate their Bitcoin holdings by saying, “I strongly object to this ongoing sale of Bitcoin by the government. I believe it is counterproductive and urge Deputy Chair Michael Kretschmer of the CDU, Finance Minister Christian Lindner, and Chancellor Olaf Scholz to reconsider this action.”
Instead of holding Bitcoin as a strategic reserve currency, as it is debated in the USA, our government sells it off in large quantities. I have informed @MPKretschmer, @c_lindner and @Bundeskanzler @OlafScholz about why this is not only unnecessary but also…
— Joana Cotar (@JoanaCotar) July 4, 2024
She believes that Bitcoin provides “a unique opportunity” for investors to diversify their assets and did not fail to voice her opinion to the officials. Cotar compared the capabilities of the leading cryptocurrency to that of traditional assets. She noted that the former could help mitigate the risks involved in investing in the latter and experiencing excessive exposure.
She also graciously requested that they join her for her forthcoming discourse. This gathering is slated for October 17, with renowned Bitcoin advocate Samson Mow confirmed as a speaker.
More Entities Sees BTC as Inflation Hedge
I, as an analyst, recognize the potential of Bitcoin acting as a shield against inflation and currency devaluation, given its scarcity. This perspective is not unique to me; Jeremy Allaire, CEO of Circle, a prominent financial technology company, has also emphasized the rising appeal of Bitcoin as a hedge against economic uncertainty on a global scale.
During a debate between Anthony Scaramucci of SkyBridge Capital and Peter Schiff, who is well-known for advocating for gold, they clashed over Bitcoin’s role as an inflation hedge. Schiff presented concerns about Bitcoin’s slow transaction speed and high fees as reasons for its limited utility in everyday transactions. In response, Scaramucci emphasized Bitcoin’s fixed supply and potential to serve as a long-term store of value.
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2024-07-04 23:40