There seems to be a wide consensus in the academic community that the Holocaust is gradually losing significance in the German public. This development is clearly reflected in public elite discourse on national identity, where “Holocaust-centered memory” has ceased to be hegemonic. In the literature, several interpretations and reasons have been presented to explain this development. This paper contributes to the debate by arguing that the declining presence of Holocaust-centered arguments in intellectual elite discourse on national identity is due to a new consensual idea of German nationhood. Based on an event-oriented discourse analysis of more than 800 articles in opinion-leading newspapers, journals and magazines covering a period of more than twenty years, I argue that in national identity discourse, the Holocaust has never been—as is usually assumed—a blockade to displays of national identity in general, but only to a specific interpretation of the German nation as a Volk and as an exclusionist culture nation. By contrast, the idea of nationhood that dominates in the German public sphere today, the civic nation model, has never invoked Holocaust-centered counter-arguments—not even in the Historikerstreit in the 1980s. Thus, over the past three decades, the way national identity discourse has operated might have changed less than had often been assumed. The central argument of this paper is that the Holocaust has become a “latent”—but not a less consequential—argumentative resource.