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German Government Can’t Stop Selling Bitcoin — TradingView News
The German government has made waves in the cryptocurrency market with another massive money transfer.
According to blockchain analytics platform Lookonchain, another 700 Bitcoins were transferred just a few hours ago.
The recent move comes after Joana Cotar, an independent member of the German parliament, urged the government to stop liquidating its remaining Bitcoin holdings. The cryptocurrency-friendly politician argued that the largest coin could potentially serve as a hedge against inflation while promoting economic sovereignty and innovation.
His arguments, however, have apparently fallen on deaf ears, as the German government continues its massive sales campaign.
Lookonchain estimates that the German government has already moved a whopping $819 million in Bitcoin. It still holds about $2.3 billion in Bitcoin, meaning the battered cryptocurrency market could still face a lot of selling pressure.
Where does Germany’s Bitcoin fortune come from?
Germany’s Bitcoin fortune came from Movie2k.to. The website allegedly aggregated pirated media content, including popular movies and TV shows, available on the Internet. Instead of hosting this content, it simply provided its users with a search function.
At the height of its popularity, Movie2k.to became one of the most popular websites in Germany, even surpassing social media giant Twitter. However, it was shut down in May 2013 following a multi-year effort by major movie studios to shut it down.
German authorities ended up confiscating 50,000 Bitcoins from one of the operators of the infamous website.