Whoever said love makes the world go round has probably not heard of Bitcoin and seen what it can do. Bitcoin has been the undisputed king of crypto for a while now, and every week, it gives us new reasons why it deserves that title. This week’s reason involves the German government and a whole lot of Bitcoin.

Related: German BTC Sales, Crypto.com’s Scandal, Halving Market Mood, and Binance’s Birthday Surge

After cracking down on a pirating firm in January, the German government seized all of its Bitcoin and started an open house for all the Bitcoin it recovered. The Deutsch government started their Bitcoin thrift shop on the 19th of June, and since then, it has sold billions worth of Bitcoin.

But the most surprising thing about the entire issue is how fast people are gobbling up the Bitcoins offered for sale. The German government seized 49,857 Bitcoin from the piracy website Movie2k in January, and since it opened shop in June, the German government is only left with just above 9,000 Bitcoins, showing that people are definitely more than a bit interested in Bitcoin.

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Source: imgflip

Even the current holding of 9,000 Bitcoins doesn’t show how badly people want some of that sweet Bitcoin. On July 11, the wallet selling the German government’s Bitcoins dipped below $5,000 after it sent 10,620 BTC worth approximately $615 million to crypto trading platforms Kraken, Coinbase, Bitstamp, Flow Traders, and two anonymous addresses.

The Controversy and the Cashout

It was only after some of those funds were sent back to the German government’s wallet that the holdings came back to just a bit more than 9,000 BTC. So, in the space of a few weeks, the German government was only left with 18% of the total 49,857 BTC it once held. Business is booming for Deutschland’s government. 

As for the anonymous addresses that also got some of the Bitcoins, Arkham has suggested that the two addresses, which end in  “139Po” and “bc1qu”, are one of either institutional deposits or over-the-counter trading service providers. But as of this moment, this has not been confirmed. 

While the German government is busy raking in all of those Bitcoin billions, some people are not so happy about the mass sell-off of those Bitcoins. One of the people dissatisfied with the sale is German lawmaker and Bitcoin activist Joana Cotar. Cotar argued that instead of just selling everything, the government could have held on to those coins as a “strategic reserve currency” to shield against the risks in the traditional system.  

Related: Germany’s Big Bitcoin Sale Shakes Up the Market. What to Expect?

Joana Cotar certainly makes a good point, considering that Bitcoin’s price seems to be a reliable store of value. However, the German government seems to be only interested in reaping all the cash from their billion-dollar Bitcoin thrift sale. After all, Bitcoin has seen a recent price slump, and who knows where the price will go in the near future? Hence, the German government has decided to follow Nike’s motto of “Just Do It”, and it's paying off and paying billions.

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