The German government has sent more than 3,000 Bitcoin since 11:11 am UTC, adding to the total volume of BTC moved by the government in the past 24 hours, which amounts to a five-figure sum. This follows the selling trend of Bitcoin (BTC) set by the German government since June 19, despite objections from parliamentary members like German lawmaker Joana Cotar, who is an advocate for BTC. Cotar has called on the government to stop quickly disposing of state-owned Bitcoin and instead adopt a strategic reserve currency to protect against risks in the traditional system.
In the last 24 hours, the German government has seen a total inflow and outflow of over 6,000 BTC, with more than half of that amount being moved out of the wallet. Throughout the day, the wallet that currently holds 35,488 BTC, valued at over $2 billion, received 4,340 BTC, of which over 3,000 were sent to exchanges or unknown addresses.
Cotar made her statement to the German government on July 4, suggesting that holding onto BTC could help diversify the country’s treasury assets, promote innovation, and act as a hedge against inflation. She described the decision to sell off BTC holdings as not only impractical but also counterproductive. However, the government proceeded to sell an additional $172 million later that day. The wallet initially held over 42,200 BTC, valued at $2.4 billion, but these figures have since decreased to just over 35,400 BTC and $2 billion, respectively.
The recent announcement by defunct crypto exchange Mt. Gox to begin repaying its BTC and Bitcoin Cash (BCH) debts has added to the ongoing market sell pressure. The trustee of the Mt. Gox repayments process, Nobuaki Kobayashi, stated that repayments would commence according to the Rehabilitation Plan. At the time, the known addresses of the Trustee held over 94,400 BTC, with more than 47,000 BTC moved at that point.