Crypto enthusiasts are having a field day with Germany’s Euro 2024 football championship loss, cheekily blaming the government’s Bitcoin sell-off for the team’s lackluster performance.
On Friday, Spain defeated Germany in the quarter-finals, ending Germany’s run in the 2024 UEFA European championship.
Justin Sun, founder of the Tron blockchain, quipped on X (formerly Twitter) that the German team might have lost because their government sold too much Bitcoin!
The reason the German team lost the game in this European Championship might be because they sold too much Bitcoin.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 5, 2024
Other crypto enthusiasts joined in the lighthearted ribbing. Lucie, Shiba Inu’s content marketing specialist, chimed in on X, “As a European, I approve of this message.”
Notably, since June 19, the German government has been persistently selling BTC tokens to external addresses, particularly to the exchanges Coinbase, Kraken, and Bitstamp, for liquidation. Initially, the government held 45,609 Bitcoin, valued at around $2.81 billion.
Data from Arkham Intelligence reveals Germany now holds 40,526 BTC, implying they have sold 5,083 tokens valued at over $300 million in less than four weeks.
During this period, Bitcoin’s market value fell by 18.23%, from a high of $65,695 on June 19 to $53,717 on July 5. This massive Bitcoin price drop significantly affected the broader altcoin market, which witnessed even steeper losses under the same timeframe.
Interestingly, German parliament member Joana Cotar had also criticized the government’s massive sale of Bitcoin, describing it as irrational and urging it to “hold BTC as a strategic reserve currency.”
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