According to crypto intelligence firm Arkham, the German government’s bitcoin holdings soared by 9,000% in one day, thanks to donations from Bitcoin enthusiasts. Germany had liquidated a $2 billion bitcoin cache through major exchanges, finishing on Friday and leaving its BTC wallet empty until donations started coming in.
German Government's Bitcoin Holdings Swell Overnight Thanks to Donations
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
German Government Now Has More Bitcoin
The German government has accumulated more bitcoin thanks to contributions from various Bitcoin enthusiasts. According to Arkham’s onchain tracking tool, these contributions increased the government’s bitcoin balance by 9,000% in a single day. The crypto intelligence firm shared on social media platform X at 11:39 a.m. on Saturday:
The German government’s bitcoin holdings have increased by 9000% in a day.
“Various bitcoiners have donated a total of $171.92 to the German government’s bitcoin address, increasing their balance by 90x since yesterday ($1.87). The German government currently holds 0.003 BTC ($171.92),” the crypto intelligence firm added.
As of writing, further donations had increased the total to $234.57 in bitcoin and the German government’s wallet now holds 0.004 BTC.
On Friday, the German government concluded the sale of its entire bitcoin holdings, which was secured in January. The bitcoin, nearly 50,000 BTC in total, had been confiscated during an extensive investigation into the illegal streaming site Movie2k.to. This substantial cache, valued at over $2 billion, was liquidated through prominent cryptocurrency exchanges such as Coinbase, Kraken, and Bitstamp. Consequently, the government’s digital wallet was left empty until recent donations began to replenish it.
Joana Cotar, a member of the German Bundestag, has expressed concerns about the German government’s decision to sell bitcoin instead of holding the crypto as a strategic reserve. She argued that selling BTC on a large scale is not only unwise but also counterproductive.
What are your thoughts on bitcoiners donating to the German government after it liquidated all of its seized bitcoins? Share your opinions in the comments section below.
