ISLAMABAD: Germany has stunned the world by legally allowing its companies to invest in cryptocurrency for the first time. A few days ago, Germany has enforced a new law which authorizes German companies to invest up to 20 percent of their total investment in cryptocurrency.
Details gathered by The Truth International (TTI) revealed that the new German law, Germany’s Fund Location Act was approved in April 2021. The Parliament of Germany too has endorsed this law. This law will lead to more than 400 billion dollars investment in Bitcoin and Altcoins by companies based in Germany. If all German companies make investment equal to 20 percent of their total investment/worth, they will be able to inject 350 billion Euros (over $400 billion) in cryptocurrencies.
Therefore, after the United States, German is going to emerge as the second largest investor/trading countries in Bitcoin and altcoins in the years ahead. The new German laws also indicates bright prospects of growth in demand and value of currently depressed and suppressed Bitcoin and Altcoins in the backdrop of US-driven crackdown in China against mining of this cryptocurrency with coal-based energy that drives pollution and global warming up.
In April 2021, Bitcoin hit record high price of $56,000 and its market capitalization surpassed 1.1 trillion dollars, resultantly, cryptocurrency became talk of the town globally. Nonetheless, well-organized American propaganda against the use of coal energy for Bitcoin mining influenced China to start a gradual nation-wide crackdown against its mining companies.
Meanwhile, Elon Musk, CEO of Tesla added fuel to fire in April 2021 by issuing two separate statements against Bitcoin. In one statement he raised his concern against the utilization of coal energy in Bitcoin mining while in other statement he announced Tesla’s decision not to accept Bitcoin to sell its cars.
Consequently, Bitcoin and other cryptocurrencies faced a serious blow and lost more than one trillion dollars market capitalization during May-June 2021. For the past one month the value of Bitcoin is fluctuating mostly around $30,000 to $33,000. Many a times Bitcoin has breached $30,000 benchmark and fresh buying lifts again its value above this price. Today, the price of Bitcoin is around $33,100 at the time of filing this report.