The German Government Continues to Liquidate Its Bitcoin Holdings Despite Urges to Stop

The German government has made waves in the cryptocurrency market with yet another massive transfer. According to blockchain analytics platform Lookonchain

The German government has made another large Bitcoin transfer, moving 700 BTC valued at around $24.3 million, according to blockchain analytics platform Lookonchain.

The recent transfer comes despite an appeal from Joana Cotar, an independent member of the German parliament, to stop selling the remaining Bitcoin holdings. Cotar, who is known for her support of cryptocurrencies, has argued that Bitcoin could serve as an inflation hedge and promote economic sovereignty and innovation.

However, the German government appears to be continuing its massive selling spree, which Lookonchain now estimates has reached a total of 70,000 BTC, valued at around $819 million at current prices. The German government still holds around 20,000 BTC, which could still face selling pressure in the battered cryptocurrency market.

The German government’s Bitcoin fortune came from Movie2k.to, a website that aggregated pirated media content, including popular movies and TV series, which were available elsewhere online. Rather than hosting the content itself, Movie2k.to provided a search function for its users.

At the height of its popularity, Movie2k.to became one of the most visited websites in Germany, ranking even higher than Twitter. However, a years-long campaign by major movie studios led to the site being shut down in May 2013.

The German authorities confiscated 50,000 Bitcoins from one of the operators of the site, which were later transferred to the Bundesbank’s (Germany’s central bank) digital asset custody service.

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