Bitcoin BTC/USD has almost doubled in price within the last twelve months, leaving sellers like the German government sidelined on a significant price increase.
What Happened: In an X post on May 21, on-chain data provider Lookonchain highlighted that between June 19 and July 12, 2024, Germany sold nearly 50,000 BTC, part of assets seized from the defunct piracy site Movie2k, at an average price of $57,600, netting $2.87 billion.
Today, that same Bitcoin stash would be worth approximately $5.33 billion, meaning Germany missed out on a staggering $2.46 billion in potential profit.
Bitcoin prices quickly rebounded just days after the sale, surpassing $65,000 within a week and $75,000 by October 2024. Since then, it hasn’t looked back, never revisiting the $60,000 zone.
Bitcoin is nearing its new all-time high signalling strong bullish momentum in the crypto market.
Bitcoin peaked around $108,000 on Wednesday morning.
Also Read: Bitcoin Is About To Make A Golden Cross: What Happens Next?
Why It Matters: Governments sometimes sell seized cryptocurrencies, often for legal or budgetary reasons.
Disclosure: 82% of retail CFD accounts lose money
Germany’s large-scale offloading briefly pressured Bitcoin’s price, creating a temporary dip that was quickly absorbed by market demand, driven by record ETF inflows and institutional buying.
Since the selloff, BTC prices have rallied 80%.
Germany’s missed windfall underscores the crucial role of timing in crypto markets and offers a cautionary tale even for institutions.
It also raises a larger question for governments and long-term investors alike:
Should Bitcoin be treated as a volatile asset to sell quickly, or a strategic reserve asset, akin to gold?
Read Next:
Image: Shutterstock
