German Parliament member Joana Cotar has requested the German government to halt their Bitcoin sale via a letter. This request comes at a time when Bitcoin prices have been pressured and have seen fallen investor confidence. The move has also put questions in the minds of many about the future trajectory of OG-cryptocurrency.
Joana Cotar Addresses Letter To Halt BTC Sale
One of Germany’s legislative houses, the Bundestag, includes an independent member named Joana Cotar. She has called on the government to halt the current sell-off of Bitcoin (BTC), which has significantly impacted the market and caused a 10% decline in the price of the cryptocurrency over the last two weeks.
Governments all over the world, according to Cotar, are reassessing Bitcoin in an effort to encourage innovation within the ecosystem or impose tighter laws governing Bitcoin ownership and transactions. She did concede, though, that it can be difficult for the general public to comprehend the advantages of Bitcoin, and that politicians and governments also face this difficulty.
German Government’s BTC Sale
The German government has been in a constant BTC sale mode, as reported by Bankless Times. The most recent in this spree was the $13 million that the German government wired to Coinbase. This action, nevertheless, is not the first in the series. $425 million in Bitcoin had already been transferred by a German government agency to a different wallet, with some of the money going back to the original wallet and some going to accounts used for deposits on cryptocurrency exchanges. $32 million in deposits to Bitstamp and Kraken were found through transactional data; these amounts could each be signs of a sale.
The German government began trying to sell off its Bitcoin assets in January. German officials reported a significant seizure of 50,000 Bitcoin in January of 2024. At the time, it was believed to be the largest cryptocurrency seizure ever executed in Germany.
Will Bitcoin Rise Again?
With the U.S. and German governments continuing to sell Bitcoin and Mt. Gox planning to continue distributing cryptocurrencies for the next three months, the market is poised for significant falls in the short term. However, despite this, saying that the 2024 bull cycle is over would be like underestimating the crypto world’s potential. It is likely that with the slightest of the bullish cues, Bitcoin can rise again, however, till these cues become evident, investors might keep selling Bitcoin in the near-future.
