Germany misses $1.1B in profits as Bitcoin hits a new all-time high

Key Takeaways

Germany missed out on $1.1 billion in earnings by promoting Bitcoin early.
The crypto market surge was partly influenced by Trump’s re-election and pro-crypto insurance policies.

Germany’s July determination to promote almost 50,000 BTC at $53,000 per coin has resulted in an estimated $1.1 billion in missed earnings, as Bitcoin lately reached a brand new all-time excessive, briefly surpassing $77,000.

At at present’s costs, nonetheless, the 49,858 BTC offered may have been valued at roughly $3.9 billion, underscoring the monetary affect of the early sale.

German authorities performed the sale between June 19 and July 12, producing roughly $2.8 billion from belongings seized within the “Movie2k” felony case.

Underneath German legislation, belongings in felony circumstances should be offered if their market worth fluctuates by over 10% to forestall potential losses on account of volatility.

This missed alternative comes as markets have surged following Donald Trump’s latest election win, which has fueled optimism and document highs throughout a number of asset lessons.

With Trump’s victory, the S&P 500 hit new highs, Tesla’s market cap surpassed $1 trillion, and Bitcoin has rallied considerably amid hypothesis of favorable regulatory modifications.

Amid this surge in Bitcoin curiosity, German parliament member Joana Cotar expressed issues concerning the US contemplating Bitcoin as a strategic reserve asset.

In accordance with Odaily, Cotar recommended that if the US proceeds with such a transfer, European international locations might quickly really feel compelled to comply with.