Justin Sun Criticizes Germany’s Bitcoin Strategy Following UEFA Euro Exit

Justin Sun, the influential founder of the Tron blockchain, humorously linked Germany’s UEFA Euro 2024 quarter-finals exit to its recent large-scale Bitcoin sell-off. 

In a light-hearted tweet, Sun suggested that Germany’s loss could be attributed to selling too much cryptocurrency, sparking a lively discussion among X users and Bitcoin enthusiasts. Some commentators humorously advised that Germany might have fared better had it opted to hold (“HODL”) its Bitcoin instead.

Germany’s Bitcoin Disposal Raises Eyebrows

Germany commenced a significant Bitcoin sell-off at the end of June, coinciding with the announcement by the defunct Japanese crypto exchange, Mt. Gox, to start repaying its creditors. The exchange, which declared bankruptcy in 2014 after a notorious series of security breaches leading to the loss of 950,000 BTC, has begun distributing BTC and BCH to over 20,000 creditors. 

Since the start of the sell-off, Germany has transferred approximately 5,000 BTC, valued at around $258 million, to significant exchanges, including Bitstamp, Coinbase, and Kraken. Despite these transfers, Germany still retains about 39,826 BTC, worth an estimated $2.31 billion. Amidst this activity, the broader cryptocurrency market recovered, with Bitcoin’s price increasing by 2.35% to retest the $57,000 level.

German politician critiques Bitcoin sale

Joana Cotar, a prominent German politician, has openly criticized the German government’s strategy to short Bitcoin. In a detailed post on X, Cotar expressed her concerns about the decision to sell off Bitcoin rather than retain it as a strategic reserve. She underscored the potential benefits of holding Bitcoin, as seen in other nations like the USA, which are more comprehensively exploring adopting BTC. 

Cotar has engaged with key political figures, including Chancellor Olaf Scholz, inviting them to a forthcoming lecture titled “Bitcoin Strategies for Nation-States” featuring Bitcoin advocate Samson Mow. The event aims to explore how Bitcoin can help nations manage wealth, combat economic challenges, and improve inclusivity.

El Salvador upholds Bitcoin amid sales

While Germany proceeds with its Bitcoin liquidation, El Salvador remains steadfast in its commitment to Bitcoin. The Central American nation, which made headlines by adopting Bitcoin as legal tender, continues purchasing one daily. President Nayib Bukele reaffirmed this strategy on X, asserting the commitment will persist until Bitcoin becomes “unaffordable with fiat.” 

El Salvador has amassed over 5,700 BTC, securely stored in a cold wallet. President Bukele also announced the development of a Bitcoin bank to bolster the national economy and enhance BTC-USD transactions. He anticipates this will significantly improve the nation’s GDP and attract more investors.

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