New data shows Germany planned to sell 50,000 Bitcoins at $64,000, missing out on $1.7B in profit, totaling an estimated $4.6B.
In the summer of 2024, the German government sold approximately 50,000 Bitcoins, netting $2.88 billion in proceeds. However, this decision has come under scrutiny, as it resulted in a missed profit of $1.7 billion, according to recent reports.
Between June 19 and July 12, 2024, the Dresden Public Prosecutor’s Office sold about 49,858 BTC, netting a substantial $2.86 billion. The funds were secured for ongoing criminal proceedings linked to the “movie2k” case in the Leipzig Regional Court.
At the time of the sale, Bitcoin was priced at an average of $57,900 per coin. However, recent data revealed that German authorities had originally planned to sell the 50,000 BTC at a price of $64,000.
Had they followed through with this plan, they could have made an additional 400 million. Fast forward to today, with Bitcoin now priced at $89,577 per coin, the missed opportunity becomes even clearer, as the same 50,000 BTC would be worth over $4.47 billion.
The sale was carried out under the guidance of legal requirements to prevent potential losses in value due to the long duration of the criminal proceedings. Despite this, the missed profit highlights the volatile nature of Bitcoin prices and the risks of timing in the cryptocurrency market.
While the sale may have been legally necessary, it serves as a reminder of how quickly the cryptocurrency market can change and the importance of making well-timed decisions when handling large digital assets.