Share this article

It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice.

Since confiscating nearly $3 billion worth of bitcoin in January, Germany's state of Saxony has sold over half of its initial holdings, causing distress in the market.

The state of Saxony, located in the eastern region of Germany, is responsible for the dumping of hundreds of millions of dollars worth of bitcoin. (Harald Nachtmann/Getty Images)
The state of Saxony, located in the eastern region of Germany, is responsible for the dumping of hundreds of millions of dollars worth of bitcoin. (Harald Nachtmann/Getty Images)