German MP Criticizes Government’s Bitcoin Sales, Advocates for Cryptocurrency as Strategic Reserve
German parliament member Joana Cotar criticizes the government’s large-scale sale of seized bitcoin, advocating for its use as a strategic reserve. Learn about her efforts to shift policy towards embracing cryptocurrency.
Bollywood Fever: A German parliament member, Joana Cotar, has openly criticized the government’s decision to sell seized bitcoin on a large scale, arguing for the cryptocurrency’s use as a strategic reserve. Cotar, a member of the German Bundestag, voiced her concerns on social media platform X, emphasizing the potential benefits of holding bitcoin as a reserve asset rather than liquidating it.
The Bundestag, Germany’s federal parliament, is responsible for passing laws and overseeing the government. Cotar suggested that the decision to sell BTC is not only imprudent but also counterproductive. She reached out to key political figures, including Chancellor Olaf Scholz, MP Michael Kretschmer, and Christian Lindner, to inform them of her stance and invited them to an upcoming lecture titled “Bitcoin Strategies for Nation States.”
The lecture, scheduled for October 17 at the Paul-Löbe-Haus in Berlin, Germany, will feature bitcoin advocate Samson Mow. By hosting this event, Cotar aims to foster a deeper understanding of the strategic advantages that bitcoin can offer to nation-states, encouraging a shift in governmental policy towards embracing cryptocurrency as a reserve asset.
Despite the government’s recent sale of up to $175 million worth of seized bitcoin, according to blockchain intelligence firm Arkham, it still holds over 40,000 BTC valued at approximately $2.3 billion. These sales coincide with the anticipated Mt. Gox bitcoin distributions, which have exerted downward pressure on bitcoin’s price. Currently, the cryptocurrency is trading at $55,724.
Cotar’s advocacy highlights a growing debate over the role of cryptocurrencies in national financial strategies. By proposing the idea of bitcoin as a strategic reserve, she seeks to position Germany at the forefront of innovative economic policy, potentially setting a precedent for other nations to follow.
As the conversation around bitcoin and other cryptocurrencies continues to evolve, the outcome of Cotar’s efforts and the upcoming lecture could play a significant role in shaping Germany’s approach to digital assets and their place in the global financial landscape.
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