According to cryptocurrency analytics firm Arkham Intelligence, the German government has experienced a 9,000% increase in Bitcoin holdings in a single day.
However, it currently owns an infinitesimal $171 worth of BTC. This modest sum represents various donations from members of the Bitcoin community.
On Sunday, for comparison, the total balance of the closely watched Bitcoin address was just $1.87.
Alex DovbnyaThe tongue-in-cheek post sparked hilarious reactions within the cryptocurrency community. "That headline almost gave me a heart attack," one user wrote in response to the post. "Slow but steady accumulation," another user quipped.
As reported by U.Today, the German government ran out of Bitcoin on Friday after a relentless selling spree that started in early June.
Saxony, a state in the eastern part of Germany, ended up owning 50,000 Bitcoins earlier this year after they were confiscated from the operators of a popular piracy website. This made Germany one of the top holders of the leading cryptocurrency among different governments.
However, instead of holding all of these Bitcoins, the government started transferring them to various exchanges, putting significant selling pressure on the market.
Plenty of Bitcoin proponents, including independent Bundestag MP Joana Cotar, urged the government not to sell its holdings. However, Saxony did not have any choice since liquidating confiscated assets is a standard practice in Germany.
Now that the German selling spree is over, some Bitcoiners are donating sats to the infamous address in order to troll the government.
In the meantime, the price of the leading cryptocurrency recently climbed back above the $60,000 level.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov