Germany Dumping $2.8B Bitcoin Is 'Market Intervention,' Despite Murky Legal Justifications
Summary
Germany sold nearly $3 billion worth of seized bitcoin, causing market pressure and a 7% BTC price drop. The sale was justified as an emergency measure to prevent significant loss of value, but experts question the timing and necessity. The authorities claim the sale was legally required, citing a ban on speculation with public funds, but critics argue that the law only provides an opportunity to sell, not an obligation. The sale earned 600 million euros more than the seized BTC's value, raising concerns about taxpayer benefit. Experts also question the authorities' claim that the sale had no direct influence on the bitcoin price.
