German Lawmaker Joana Cotar Urges Government to Halt Bitcoin Sales

Joana Cotar, a German lawmaker and Bundestag member, has called for the German government to stop its Bitcoin (BTC) sales. Criticizing the move as hasty and counterproductive, Cotar urged the authorities to reconsider their strategy. She suggested that Bitcoin could be more beneficial to Germany if held as a strategic reserve currency, rather than being sold off quickly.

Cotar’s appeal came in response to the German government’s transfer of Bitcoin tokens worth over $195 million to various crypto exchanges. In her critique, she specifically addressed President Michael Kretschmer, Minister of Finance Christian Lindner, and Chancellor Olaf Scholz.

Cotar’s primary argument was that the current sell-offs could negatively impact the country’s economic growth and that a more thoughtful approach to utilizing Bitcoin could yield positive results.

German Lawmaker Joana Cotar Urges Government to Halt Bitcoin Sales
German Lawmaker Joana Cotar Urges Government to Halt Bitcoin Sales

Highlighting the benefits of Bitcoin, Cotar noted that Germany could use it to diversify its treasury assets and spur innovative growth in the digital asset sector. She emphasized that Bitcoin could serve as a hedge against inflation, helping to combat currency devaluation. By adopting Bitcoin more strategically, Germany could potentially enhance its financial stability and economic resilience.

Cotar also recommended that the government develop a comprehensive Bitcoin strategy, which could include holding Bitcoin in the state treasury, issuing Bitcoin bonds, and creating a favorable regulatory environment for digital assets.

To further discuss these ideas, she invited German politicians to the upcoming crypto event “Bitcoin Strategies for Nation States,” scheduled for October 17, featuring notable speakers like Samson Mow, CEO of JAN3.

The German government’s recent Bitcoin sell-offs have sparked significant reactions within the crypto community. Since June 19, the government has sold approximately 7,583 Bitcoins, amounting to over $434.9 million at current market prices.

These sales, including a significant transaction on July 4, have contributed to market volatility and a decline in Bitcoin’s price. Currently, the government holds around 41,774 Bitcoins worth approximately $2.26 billion, which were seized during an investigation into the illegal movie streaming platform

Michael Manua
Michael Manua
Michael, a seasoned market news expert with 29 years of experience, offers unparalleled insights into financial markets. At 61, he has a track record of providing accurate, impactful analyses, making him a trusted voice in financial journalism.
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