CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
'$1 Million BTC' Samson Mow Set to Bring Germany Back to Crypto
Table of Contents
Market Musing-g

'$1 Million BTC' Samson Mow Set to Bring Germany Back to Crypto

U_Today
By U_Today
6 months ago
3 mins read
'$1 Million BTC' Samson Mow Set to Bring Germany Back to Crypto
Cover image via U.Today

Samson Mow, $1 million Bitcoin advocate, has shared his view on the German government’s massive sell-off of the country's national Bitcoin holdings, which imposed strong selling pressure on the lead cryptocurrency’s price.

He argues that Germany had to sell its BTC holdings, which it seized from a film pirate website, due to the illegal nature of the funds.

However, Mow believes that Germany needs to reacquire at least $50K in BTC as part of what he calls a “proper nation-state Bitcoin adoption strategy.” The entrepreneur even proposed developing a plan for this adoption strategy to implement as early as October this year.

The German government had no choice but to dispose of the 50,000 BTC seized from Movie2k. However, this October we should put together a concrete plan for Germany to re-acquire at least 50,000 BTC in a proper nation-state #Bitcoin adoption strategy. 🇩🇪 @JoanaCotar @BTCimBundestag
— Samson Mow (@Excellion) July 13, 2024

Currently, the German government holds $1 worth of Bitcoin.

What is happening

Germany started selling its almost $3 billion holdings in Bitcoin via major exchanges in late June, completing the sell-off this Friday. Putting immense selling pressure, this event caused the BTC price to drop as much as 15% in July.

Source: CoinMarketCap
According to data provided by Arkham, yesterday, Germany sold more than $550 million in BTC.

BTC ready for bull run?

Despite fair concerns and the current “extreme fear” BTC state, this selling pressure met with growing demand coming from BTC ETFs.

germany 🇩🇪 can only sell the seized #bitcoin once. at the rate they're going they'll rage sell the last 5k of it today. this time around #bitcoin ETF buyers were buying up the stream of sells too, welcome to the party guys👍 pic.twitter.com/dIJ4ulbcMN
— Adam Back (@adam3us) July 11, 2024
For instance, this Friday, the total daily inflow of Bitcoin ETFs has reached more than $300 million, according to Farside data. However, the German government BTC sell-off, however impactful, is not the only factor contributing to the crypto market correction at the moment.
Whether the BTC price correction continues or not, some experts believe that institutional investors are currently accumulating funds to “buy the dip.”
0 likes
|

Other articles published on Jul 13, 2024

Market Musing-g

MakerDAO to invest $1b in tokenized US Treasury products

MakerDAO has announced plans to invest $1 billion of their reserves in tokenized U.S. Treasury products. This will be done through an open competition, with top industry players like BlackRock’s BU...
By Cryptopolitan_News
6 months ago
2 mins read
Market Musing-g

Donald Trump Wins Elon Musk’s Election Backing Despite Previous Denials

According to recent reports, former U.S. President Donald Trump has received backing from the billionaire Tesla CEO, Elon Musk. A recent Bloomberg report said that Elon Musk has donated a substanti...
By Coingape News Media
6 months ago
3 mins read
Market Musing-g

Regulated to illegal: which items are within reach for crypto holders

The crypto darknet is alive and well. Crypto purchases range from lightly regulated items to full-on darknet markets in a growing ecosystem of chat channels.
By Cryptopolitan_News
6 months ago
5 mins read
Market Musing-g

Major Shift in Binance Gopax Stake: Exchange Prepares to Reduce its 72.6% Holdings to 10%

Industry giant Binance is reportedly finalizing plans to reduce its Gopax stake. Report claims that Binance is getting ready to divest itself of as much as 10% of Gopax from its current 72.6% holdi...
By The Bit Journal
6 months ago
4 mins read
Market Musing-g

Bitcoin: El Salvador’s Reserves Will Soon Exceed Those of Germany

In recent days, the crypto community’s attention has been particularly focused on the selling pressure exerted by the German government. This is indeed having a considerable impact on the price of ...
By Cointribune EN
6 months ago
3 mins read
Market Musing-g

How Cardano traders can profit from ADA’s short-term volatility

Cardano showed a long-term bearish edge at press time. Can ADA bulls stop the bleeding?
By AMBCrypto
6 months ago

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!