Germany To Adopt Bitcoin Strategy Months After Selling BTC Stash?

Boluwatife Adeyemi
October 18, 2024
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Germany To Adopt Bitcoin Strategy Months After Selling BTC Stash?

Highlights

  • Samson Mow indicated that Germany is looking to buy 281,267 BTC for its future strategic reserves.
  • This comes just months after the country sold its 50,000 BTC holdings.
  • Institutions in the country like Samara AG are already adopting Bitcoin.

Bitcoin Bull Samsom Mow has indicated that Germany is looking to purchase Bitcoin, making the flagship crypto of their reserve assets. This comes just months after the country sold its BTC holdings worth $2.87 billion. If so, the government will join the likes of El Salvador and Bhutan, which already have a Bitcoin strategy in place.

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Germany To Purchase Bitcoin For Future Reserves

Samson Mow suggested in an X post that the country is looking to purchase BTC for its future reserves. This came as he wished Germany success in acquiring 281,267 BTC ($19 billion) for its future strategic reserves. Mow had made an appearance at the German Bundestag, where he discussed Bitcoin strategies for nation-states.

The country’s move to purchase Bitcoin comes just months after it sold its BTC stash. Between June and July earlier this year, Germany sold off the 50,000 BTC seized from the movie piracy website movie2k. That event was significant at the time considering how much it impacted the Bitcoin price. The flagship crypto dropped below $55,000 during that period.

Germany will join the likes of El Salvador Bhutan if it eventually adopts this Bitcoin strategy. Arkham Intelligence data shows that El Salvador holds 5,907 BTC ($402 million). Meanwhile, Bhutan holds 13,166 BTC ($844 million). Meanwhile, the US remains the government with the largest BTC holdings (203,239), with most of these forming part of the seizures from the Dark web marketplace Silk Road.

However, Donald Trump has already revealed plans to create a Bitcoin strategic reserve if elected. Meanwhile, US Congressman Ro Khanna mentioned that the government can convert seized bitcoins to form part of the strategic reserve instead of selling them.

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Bitcoin Adoption In The Country

Amid Germany’s plans to purchase BTC for its future reserve assets, it is worth mentioning that there is already a Bitcoin push in the country. Last month, the German Bundestag formed the Bitcoin Federal Association (BTCBV). According to Bundestag member and Bitcoin activist Joana Cotar, the association will focus on BTC education and push for Bitcoin’s adoption in the country.

Meanwhile, institutions in the country are already adopting the flagship crypto. Germany’s Samara AG recently announced plans to buy €30 million worth of BTC to emulate MicroStrategy’s Bitcoin Strategy. German Bank Commerzbank also recently partnered with Deutsche Borse’s Crypto Finance to offer its customers Bitcoin and Ethereum trading services.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.