German lawmaker Joana Cotar has asked the government to stop selling its Bitcoin (BTC). Cotar, who supports Bitcoin, said the sales are too rushed and harmful. She believes that instead of selling, Germany should keep Bitcoin as a reserve to protect against currency devaluation.
Cotar’s statement came after the government moved Bitcoin worth over $195 million to crypto exchanges. She criticized the sale and suggested that the government should use Bitcoin more productively. She addressed top officials, including the President and Finance Minister, urging them to rethink their strategy.
Cotar argued that quickly selling Bitcoin could hurt the country’s growth. Instead, she suggested that Germany could benefit from keeping Bitcoin to diversify its financial assets and promote innovation in the digital space. She also said Bitcoin could act as a safeguard against inflation.
German Lawmaker Joana Cotar Advocates for Halting Bitcoin Sales and Using It as a Reserve Asset
She proposed creating a detailed Bitcoin strategy, which might include holding Bitcoin in the state treasury, issuing Bitcoin bonds, or establishing friendly regulations. Cotar also invited politicians to a crypto event on October 17 to learn about how other countries, like El Salvador, have adopted Bitcoin.
The German government has been selling a large amount of its Bitcoin. Since June 19, they have sold about 7,583 BTC, worth over $434.9 million, including a recent sale of $172 million. These sales have led to reactions in the crypto community and have increased market volatility. The government still holds 41,774 BTC, valued at around $2.26 billion, which were confiscated from an illegal streaming site.
