The German Government Sold Its Bitcoin—Here’s How Much It Missed Out On
The German government may have missed a substantial financial gain, estimated at $1.6 billion, due to the timing of its Bitcoin (CRYPTO: BTC) sales.
What Happened: In July, Germany sold 50,000 bitcoin, seized from the defunct piracy site Movie2K, for $2.88 billion.
This sale was executed at an average price of $57,600 per Bitcoin.
However, Bitcoin’s price has since surged, with significant momentum added by Donald Trump’s U.S. presidential election victory, causing the cryptocurrency to reach new all-time highs.
Following the election, Bitcoin saw a historic single-day price increase of nearly $10,000 on Nov. 11.
Today, the value of the Bitcoin previously held by Germany would be worth approximately $4.5 billion—a 56% gain, highlighting the financial impact of the government’s early sale, The Block reported.
The German government is not alone in facing an opportunity cost related to Bitcoin …
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