The State of Saxony, gripped by fears of a sudden Bitcoin price crash, hastily ordered the sale of its 50,000 BTC stash.
The German government recently missed out on an extra $124 million in Bitcoin (BTC) gains by cashing in its holdings a bit too soon.
On July 13, Germany’s Saxony state completed the sale of the 50,000 BTC stash it seized from movie piracy website, movie2k, generating around $2.87 billion. In doing so, they secured a profit of over $740 million when compared to their acquisition cost of $2.13 billion in January.
However, right after their sale, Bitcoin prices skyrocketed by up to 16.55%, driven higher by the assassination attempt on former United States president Donald Trump, which has since boosted his odds of a reelection in November.
