NAIROBI (CoinChapter.com)— Tron founder Justin Sun mocked Germany for its recent Bitcoin (BTC) sell-off, suggesting it contributed to the country’s loss in the UEFA Euro 2024 quarter-finals.
On Friday, Spain defeated Germany, ending Germany’s run in the championship. Sun quipped on X that the German team might have lost because their government sold too much Bitcoin.
Germany’s Bitcoin Sell-Off and Its Impact
Germany began offloading Bitcoin acquired from illegal activities at the end of June. This move coincided with the repayment process of creditors by Mt. Gox, a defunct Japanese crypto exchange that went bankrupt in 2014 after losing approximately 950,000 BTC in a series of heists.
Germany’s decision to sell 5,000 BTC, valued at around $258 million at current prices, involved transferring the funds to major exchanges like Bitstamp, Coinbase, and Kraken. According to Arkham Intelligence, Germany still holds 39,826 BTC, worth approximately $2.31 billion.
The crypto markets showed resilience on July 7 despite the ongoing market uncertainty. Bitcoin’s price saw a 2.65% increase, retesting the $58,000 level. The global crypto market cap also rose by over 3.4% in the past 24 hours, reflecting a positive trend.
Criticism of Germany’s BTC Strategy
German politician Joana Cotar publicly criticized the country’s decision to sell its Bitcoin. In her post on X, Cotar expressed concerns about the sale and advocated for holding Bitcoin as a strategic reserve currency. She also highlighted how other countries, including the U.S., are exploring Bitcoin adoption.
Cotar also invited political figures to attend a lecture on October 17 titled “Bitcoin Strategies for Nation-States,” featuring Bitcoin advocate Samson Mow. The lecture aims to educate leaders on how Bitcoin can help countries diversify wealth, combat inflation, and integrate underserved communities.
Ki Young Ju, founder and CEO of CryptoQuant, advised traders not to overreact to government Bitcoin sell-offs. He noted that government-sold Bitcoin amounts to less than $10 billion, minimal compared to the $250 billion inflows since the latest bull market began.
Ki stated that market participants were overstating the German government’s Bitcoin sell-off and urged traders to remain focused on broader market trends.
El Salvador, in contrast to Germany, continues to accumulate Bitcoin. President Nayib Bukele’s initiative to purchase 1 BTC daily remains active, with the country holding over 5,700 BTC, valued at more than $324 million.
Bukele’s plan includes establishing a Bitcoin bank to enhance the BTC-USD exchange, aiming to impact the country’s GDP and credit ratings.
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