Bitcoin Bull Samsom Mow has indicated that Germany is looking to purchase Bitcoin, making the flagship crypto of their reserve assets. This comes just months after the country sold its BTC holdings worth $2.87 billion. If so, the government will join the likes of El Salvador and Bhutan, which already have a Bitcoin strategy in place.
Germany To Purchase Bitcoin For Future Reserves
Samson Mow suggested in an X post that the country is looking to purchase BTC for its future reserves. This came as he wished Germany success in acquiring 281,267 BTC ($19 billion) for its future strategic reserves. Mow had made an appearance at the German Bundestag, where he discussed Bitcoin strategies for nation-states.
The country’s move to purchase Bitcoin comes just months after it sold its BTC stash. Between June and July earlier this year, Germany sold off the 50,000 BTC seized from the movie piracy website movie2k. That event was significant at the time considering how much it impacted the Bitcoin price. The flagship crypto dropped below $55,000 during that period.
Germany will join the likes of El Salvador Bhutan if it eventually adopts this Bitcoin strategy. Arkham Intelligence data shows that El Salvador holds 5,907 BTC ($402 million). Meanwhile, Bhutan holds 13,166 BTC ($844 million). Meanwhile, the US remains the government with the largest BTC holdings (203,239), with most of these forming part of the seizures from the Dark web marketplace Silk Road.
However, Donald Trump has already revealed plans to create a Bitcoin strategic reserve if elected. Meanwhile, US Congressman Ro Khanna mentioned that the government can convert seized bitcoins to form part of the strategic reserve instead of selling them.
Bitcoin Adoption In The Country
Amid Germany’s plans to purchase BTC for its future reserve assets, it is worth mentioning that there is already a Bitcoin push in the country. Last month, the German Bundestag formed the Bitcoin Federal Association (BTCBV). According to Bundestag member and Bitcoin activist Joana Cotar, the association will focus on BTC education and push for Bitcoin’s adoption in the country.
Meanwhile, institutions in the country are already adopting the flagship crypto. Germany’s Samara AG recently announced plans to buy €30 million worth of BTC to emulate MicroStrategy’s Bitcoin Strategy. German Bank Commerzbank also recently partnered with Deutsche Borse’s Crypto Finance to offer its customers Bitcoin and Ethereum trading services.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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