This is not a good time for Germany. There was a time, until not long ago, when the German chancellor could say ‘jump’ and everyone in the EU would say ‘how high’.
Sure, key countries outside the EU wouldn’t say that, but they would at least listen.
That’s no longer the case.
There are clear geopolitical reasons for that but since this is a crypto site, I’m not gonna stick to that.
I still maintain that we give way too much credit to governments and institutions when it comes to crypto. Their actions are nowhere near as impactful as we think, in the long run, but anyway.
The point is, people are somewhat surprised that Germany has been offloading nearly 50,000 BTC.
Specifically, they had 49,857, and now they’re left with just over 9,000.
Germany all of its BTC in January, when it shut down an illegal website and seized it.
BTC was worth around $40,000 back then.
They’ve been selling now, at around $56k, $57k.
So they’re up on their investment.
I think it’s pretty ludicrous to think that the German government should think, “oh wait, I’m gonna hold on to this, BTC to the moon wen Lambo”. There’s no framework to do that.
And they’ve got other things to worry about.
And it goes back to what we were saying before.
When it comes to crypto, government action can do a lot of damage in the short term, but in the long run, it will not matter.
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