German government can’t stop bitcoin sales

Alex Dovbnia

The German government has made a new cryptocurrency transfer that has shaken the cryptocurrency market

The German government has makes waves in the cryptocurrency market with another massive transfer.

According to blockchain analytics platform Lookonchain, an additional 700 Bitcoins were transferred just a few hours ago.

The recent transfer comes after Joana Cotar, an independent member of the German parliament, urged the government to stop liquidating remaining Bitcoin holdings. The crypto-friendly politician argued that the largest cryptocurrency could potentially serve as a hedge against inflation while also promoting economic sovereignty and innovation.

His arguments have fallen on deaf ears, however, as the German government continues its mass sales campaign.

Lookonchain estimates that the German government has already transferred the equivalent of $819 million worth of bitcoin. It still holds about $2.3 billion worth of bitcoin, meaning the already battered cryptocurrency market could still face significant selling pressure.

Where does Germany’s Bitcoin fortune come from?

Germany’s Bitcoin fortune comes from Movie2k.to. The website collected pirated media content, including popular movies and TV series, available on the internet. Instead of hosting this content, it simply provided its users with a search function.

At the peak of its popularity, Movie2k.to became one of the most popular websites Germanysurpassing even social media giant Twitter. However, it was shut down in May 2013 after several years of efforts by major movie studios to shut it down.

German authorities eventually confiscated 50,000 Bitcoins from one of the operators of the infamous website.

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Alex Dovbnia