German Government Transfers $362 Million in Bitcoin

IconCryptoNewsTerminal Staff09 Jul, 2024

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German Government Transfers $362 Million in Bitcoin

German government reloaded its Bitcoin holdings yesterday by sending 6307 BTC ($362 million) and receiving 2810 BTC ($161 million) within 24 hours. This activity resulted in a net increase of 3497 BTC ($200 million) to the government's crypto portfolio. According to Lookonchain, a blockchain analytics firm, the German government's known crypto address currently holds 23,964 BTC, equivalent to $1.38 billion. The significant movement of funds comes after the government transferred 16,039 BTC (worth $915 million) the previous day. These transactions indicate the growing involvement of governments in the cryptocurrency market. As digital assets become more mainstream, it's expected that more governments and institutions will explore their potential benefits and risks.

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