Justin Sun taunts Germany for their recent Bitcoin sell-off, joking that it may have contributed to their loss in the UEFA Euro 2024 quarter-finals. Spain defeated Germany, ending their run in the championship. Sun humorously suggested that the German team’s government sold too much Bitcoin, mocking both the government and the football team in a single post.
Germany began selling off Bitcoin acquired from illegal activities at the end of June. This 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. The decision to sell 5,000 BTC, valued at around $258 million, involved transferring the funds to major exchanges like Bitstamp, Coinbase, and Kraken. Despite the sell-off, Germany still holds 39,826 BTC worth approximately $2.31 billion.
On July 7, the crypto markets showed resilience despite ongoing market uncertainty. Bitcoin’s price saw a 2.65% increase, reaching the $58,000 level. The global crypto market cap also rose by over 3.4% in the past 24 hours, indicating a positive trend.
The decision to sell Bitcoin received criticism from German politician Joana Cotar, who expressed concerns about the sale and advocated for holding Bitcoin as a strategic reserve currency. She also highlighted other countries, like the U.S., exploring Bitcoin adoption. Cotar invited political figures to attend a lecture on Bitcoin strategies for nation-states, featuring Bitcoin advocate Samson Mow, aiming to educate leaders on how Bitcoin can help countries diversify wealth, combat inflation, and integrate underserved communities.
Founder and CEO of CryptoQuant, Ki Young Ju, advised traders not to overreact to government Bitcoin sell-offs. He emphasized that the amount of government-sold Bitcoin is minimal compared to the inflows since the latest bull market began, amounting to less than $10 billion. Ki urged traders to remain focused on broader market trends.
In contrast to Germany, El Salvador 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.