While the German government recently liquidated its 50,000 Bitcoins, the Interior Ministry predicts BTC at $100,000 in 2024 and stresses the importance of keeping these Bitcoins in self-custody, recommending the use of hardware wallets for less risk.
German Interior Ministry is Bullish on Bitcoin
Since mid-June 2024, the German government has been liquidating a significant amount of Bitcoin that it had recovered after the shutdown of the illegal streaming platform Movie2k. These sales, which took place in parallel with those of the United States government, had contributed to selling pressure on the price of Bitcoin.
In total, the German government sold nearly 50,000 BTC for over $3 billion.
🥇To go further, discover the top 10 entities richest in Bitcoins
Recently, Federal Office for Information Security (BSI)an agency under the German Interior Ministry, shared a video on LinkedIn discussing Bitcoin.
BSI Publication on Bitcoin
“Did you know? 📈 The value of Bitcoin will exceed 100,000 euros this year!
We can't predict it and we don't give any advice. But we know how you can secure your cryptocurrencies:
💻 Third-party custody on exchange platforms? Less effort, but not safe from hackers.
📲 Wallet on smartphone or PC? Security breaches are possible.
🔐 Hardware wallet? Safe and protected by a PIN code. Make backups and keep them safe! »
In this case, The BSI does not actually make a prediction about a Bitcoin at $100,000, but is ironic about this milestone expected by many investors.while recalling that it does not provide investment advice.
This post seems to have been made to raise awareness about the importance of securing your BTC with appropriate equipmentat a time when their value could increase sharply.
Ledger: the best solution to protect your cryptocurrencies 🔒
Home Office Defends Bitcoin Self-Custody
In its publication, the BSI compares the different ways of holding Bitcoin, recalling that custody via an exchange platform requires “less effort”, but carries a risk in the event of theft of fundsAdded to this is the risk of bankruptcy for these companies, which take risks without the support of a central bank in the event of insolvency.
📰 Also read in the news – BlackRock now owns more cryptocurrencies than Grayscale
The BSI also discusses hot wallets, stressing that they can have security flaws. The security of your wallets on your computer or smartphone depends above all on your own digital hygiene.. If you are in the habit of downloading files without being sure about their content for example, your devices may be compromised, making the use of wallets connected to the internet risky.
Finally, The BSI reminds that the safest way to store BTC remains the use of hardware walletsprotected by a “Secure Element”, a PIN code, and backups of recovery phrases.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Source: BSI
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First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I have no choice but to share my knowledge and transmit the passion I have for the blockchain universe. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
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