In June, the Federal Penitentiary Administration (FPA) sold 900 bitcoins and last week sold another 3,000 coins. On Monday, 2,739 bitcoins were traded, totaling about $379 million.

This sell-off was accompanied by a drop in the currency’s value below $55,000. The cryptocurrency’s total market value dropped by more than $170 billion in 24 hours.

The German government has been holding Bitcoins since they were seized from in 2013.

In January 2024, Saxony police announced the seizure of around 50,000 Bitcoins, the largest seizure in German history. The BKA currently holds around 32,488 Bitcoins worth around $1.9 billion.

Not everyone is happy with the government’s decision to sell Bitcoin. Bundestag member Joana Cotard believes the state should keep Bitcoin as a strategic reserve.

He wrote a letter to Chancellor Olaf Scholz and other senior officials urging them to reconsider the decision.

Source: Ferra

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