Justin Sun makes fun of Germany’s sell-off of Bitcoin after losing in the UEFA Euros
Justin Sun, the creator of the Tron blockchain, shared a humorous jest on X regarding Germany’s substantial sale of its Bitcoin.
The inventor of the Tron blockchain, Justin Sun, made light of Germany’s substantial BTC sell-off. Justin posited that Germany’s defeat in the quarterfinals of the UEFA Euro 2024 Cup was due to her “overselling of Bitcoin.” Some X users suggested that Germany should have HODLed, while other X users and BTC enthusiasts contributed to the tweet.
At the conclusion of June, Germany initiated the practice of shorting Bitcoin from unlawful activities in response to Mt. Gox’s intention to commence repaying its creditors. In 2014, Mt. Gox, a former Japanese crypto exchange, declared bankruptcy as a result of a series of heists. The exchange experienced a loss of approximately 950,000 BTC. Mt. Gox has recently initiated payments to its 20,000+ creditors in BTC and BCH.
At the current BTC price, the 5,000 BTC that Germany has transmitted since the sell-off commenced is equivalent to approximately $258 million. Bitstamp, Coinbase, and Kraken comprise the primary accounts to which Germany transferred its BTC. As per Arkham Intelligence’s data, Germany has 39,826 BTC remaining, which is equivalent to $2.31 billion.
Despite the market uncertainty that has persisted over the past few weeks, the crypto markets appeared to recover on July 6. The price of Bitcoin retested the $57,000 level, with an approximate 2.35% increase. The global market valuation of the crypto market has increased by more than 2% in the past 24 hours, indicating a general upward trend.
Joana Cotar, a German politician, expressed her opinion on Germany’s decision to short its BTC on X. Joana expressed her apprehension regarding the country’s decision to dispose of its Bitcoin rather than maintaining it as a strategic reserve currency in her tweet.
Joana also addressed the manner in which nations such as the United States are investigating the implementation of Bitcoin (BTC). Despite her discussions with prominent political figures regarding the drawbacks of the current initiative, Cotar expressed her dissatisfaction with their failure to take action.
“I communicated to @MPKretschmer, @c_lindner, @Bundeskanzler, and @OlafScholz that this is not only unwise, but also counterproductive. I also extended an invitation to them to attend our lecture event featuring Samson Mow.”
Samson Mow, a renowned Bitcoin devotee, was the subject of Joana’s lecture, “Bitcoin Strategies for Nation-States.” She urged the legislators to attend. The October 17 lecture will elucidate the ways in which Bitcoin can assist states in a variety of ways, including the integration of marginalized communities, the prevention of inflation and economic crises, and the diversification of wealth.
El Salvador remains committed to purchasing one bitcoin per day, despite Germany’s ongoing efforts to dispose of its BTC. On March 16, El Salvador’s president, Nayib Bukele, announced on X that his pursuit of purchasing 1 BTC daily would persist until the asset became “unaffordable with fiat.”
The initiative commenced in 2022 and was a component of its mission following the adoption of BTC as a legal tender. To guarantee the security of the funds, the nation currently maintains an excess of 5,700 BTC in a cold wallet. Over $324 million is the value of El Salvador’s BTC reserves at the current BTC prices.
El Salvador’s President Nayib Bukele initiated the concept of a Bitcoin bank in order to enhance the BTC-USD exchange rate. Nayib anticipates that this bank will enhance the country’s GDP and credit ratings as investors continue to pour BTC into El Slavador’s markets.
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