In a few weeks, the German government successfully reduced its 50,000 Bitcoin holdings to zero after non-stop sell-offs that sent the crypto market spiralling. However, with the German government done with all its selling, the Bitcoin price, as well as the crypto market, has rebounded in response, rising over 20% since then. Since the BTC price is higher now, here’s how much the German government’s holdings would be if it had not sold.
German Government’s 50,000 BTC Would Be Worth $3.27 Billion
The German government continued to dump its BTC even after the price had crashed, and by the time the last tranche of coins were sold, the Bitcoin price was trending around $53,000. Given this, it put the average sell-off price somewhere around $57,000, and brought the total realized value from the sale rounded up to approximately $3 billion.
Now, if the German government had not sold any of its 50,000 BTC and had held into the recovery, the dollar value of the coins would be significantly higher. Going by the current BTC value at the time of writing, which is around $65,400, the holdings would have been worth $3.27 billion by now.
What this means is that in less than a week, the German government’s 50,000 BTC would be worth $270 million higher, by just holding. It also shows the potential for profit that was passed up by the government for selling so early.
The government’s selling did not go unnoticed and has attracted a lot of criticism from German residents. Jaona Cotar, a member of the German Bundestag, is one of those who criticized the move. In an X (formerly Twitter) post, Cotar chastised the German government for its decision to sell off the BTC, lamenting the fact that the country now holds exactly 0 Bitcoin.
“That is how many #Bitcoin Germany still has of the 50,000. Congratulations, you have to be that stupid to be able to do that,” the X post read.
Bitcoin Bullish After Sell-Offs
While the German government’s Bitcoin sell-offs were bearish at the time, the aftermath has proven how strong Bitcoin currently is. Following the government’s wallet reaching zero at the end of last week, the Bitcoin price began to rebound, taking the entire crypto market with it.
It has gone from trending around $53,000 to trading as high as $66,000 in the early hours of Wednesday, a 20% increase in price since then. Market sentiment has also increased drastically, jumping from Extreme Fear to Greed in just less than one week.
Featured image created with Dall.E, chart from Tradingview.com
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