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22nd June 2024 > > Germany.


tl;dr

It is alleged that Germany is deliberately trying to trash the price of BTC, but I just don’t buy it.


Market Snap









Market Wrap

Whales have been selling, the ETFs have been selling, the German Government (see below) has been selling. In this context, a less than 10% drop during June looks resilient to me. I wonder who is picking up the slack?


Occasional Series – The UK General Election

I must start by reminding all readers that the CCC remains fiercely apolitical at all times. But politics has an influence on cryptos, so we must comment on occasions.


An online newspaper poll is showing that 20% of people believe that Reform UK will win the General Election.


This is not the same as polling 20% support, not by any means.


This online poll is in the Torygraph, so it is unlikely to be a representative sample. A similar exercise in the Grauniad would likely have the Green Party winning the election, then asking Corbyn to be its leader. But with 20,000 votes or so, it does confer some insight. This raises a key question – have shy Tories shifted to being shy Reform?


For me, living in Hackney, and loving doing so for three decades, this is a moot point as we will always and forever more, remain a one-party state. But I can see some interesting betting opportunities potentially opening up.


Curious Cryptos’ Commentary – Germany

“The German government has begun offloading a substantial Bitcoin stash seized from the operators of a movie piracy website, selling over $195 million in Bitcoin within the past 24 hours. This marks a significant portion of the nearly 50,000 Bitcoin confiscated from Movie2k.to, a film piracy site. The sales have already impacted Bitcoin’s market price, which has seen a slight decline.''

*** STOP PRESS *** Total amount sold is now $325mm.


This is an odd story.


Selling nearly half a yard of BTC through a centralised cryptocurrency exchange is the least likely means of maximising the revenues from that sale. Just ask a former Chancellor of the Exchequer in the UK who tried a similar tactic with the UK gold reserves. That event has cost the UK £20 billion and counting, a pretty tidy sum given the dire straits of our finances.


All the crypto OTC desks in the world would have been in contact with the German government to shift this stash quietly, at presumably a much better price. It is, after all, taxpayers’ money. There ought to be a legal requirement on public officials to act responsibly towards money that does not belong to them, but hey, laxer rules and better benefits always apply in the public sector.


I have seen comments that this sale shows that governments are working to bring down the crypto world. I don’t see it that way. Much like the aforementioned Chancellor, I don’t believe that the approach taken is malicious.


It is just stupidly naïve.

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