The German The Federal Criminal Police Office (BKA) on Monday transferred another 1,500 Bitcoin, worth nearly $95 million, to multiple crypto exchanges, including Bitstamp, Coinbase and Kraken.
JUST IN: 🇩🇪 German government sends another 1,500 #Bitcoin worth $95 million for scholarships 👀 photo.twitter.com/AZqs0UFWei
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of transactions since June 19, in which the The German government has taken action According to data from Arkham, Bitcoin is worth around $220 million across various exchanges.
The German government first acquired these Bitcoins after a large-scale seizure in 2013. The BKA seized nearly 50,000 Bitcoins, worth over $2 billion at the time, from the operators of Movie2k.to, a notorious movie piracy website that was active during that period.
These moves suggest that German authorities may be planning to liquidate some of the Bitcoin as part of the crackdown.
This move by Germany reflects recent actions by the The United States Governmentwho also transferred millions of dollars in Bitcoin to exchanges, potentially signaling their intent to sell. In both cases, the transfers have led to significant speculation within the Bitcoin community about the potential impact on Bitcoin’s market price.
Despite the substantial movements, the majority of seized Bitcoin remains under the control of the German government. Nearly 44,692 Bitcoin, worth approximately $2.82 billion, are still being held in government wallets. This means that the recent transfers, while notable, represent a relatively small portion of the total holdings.
As the situation develops, it remains to be seen how the Bitcoin market will react to these government-initiated moves.