Coin World News Report:
A few months ago, when the German government started selling its BTC reserves, the Bitcoin (BTC) market experienced significant turbulence. Forced to liquidate its funds after seizing a large amount of Bitcoin from a criminal case, the government has sold approximately 88.4% of the initial 50,000 BTC it held, which amounts to around 44,200 BTC as of mid-July. The country has strongly reacted to this sale.
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Bitcoin’s price during this sale period
As early as July, the price of Bitcoin experienced increased volatility. The asset dipped below the $60,000 mark, causing market chaos. During this period, the trading price of Bitcoin reached a low point of $56,000. However, now, the world’s largest cryptocurrency is gradually approaching the $70,000 range. As of the time of writing, the trading price of BTC is $66,265.48, which has decreased by over 1% in the past 24 hours.
Source
This further indicates that Bitcoin’s price has risen by 17% since Germany sold its holdings of Bitcoin. Therefore, investing $1,000 during this period could have resulted in substantial profits. Based on calculations, with the current price of the asset, $1,000 would turn into $1,184.
Although the profit may not be substantial, holding onto Bitcoin for a longer period will translate into better returns. Some analysts and institutions believe that BTC will boom next year.
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Germany’s cryptocurrency initiative
In a recent speech at the German Bundestag, the CEO of Bitcoin technology company Jan3, Samson Mow, strongly advocated for Germany to include Bitcoin in its national strategic reserves. Mow urged the country to purchase 281,267 Bitcoins to diversify its asset base and strengthen its financial stability.
Congress members and supporters of Bitcoin have taken notice of this initiative, sparking discussions about the potential contribution of Bitcoin to Germany’s financial future. If the country purchases Bitcoin in the future, it will certainly drive up the price of the cryptocurrency.
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