Independent member of the Bundestag Joana Cotar has called on the German government to stop the Bitcoin selling spree. Cotar told CDU vice-chairman Michael Kretschmer, Federal Finance Minister Christian Lindner and Chancellor Olaf Scholz that the selling is pointless and counterproductive. He invited them to a joint conference with Bitcoin evangelist Samson Mow on October 17.
German MP calls on the government for Bitcoin: Stop selling!
As you have been following on Kriptokoin.com, the crypto market is flooded! The leading crypto Bitcoin fell as low as $54,000 with Mt.Gox starting payments and the German government’s BTC sales. In the midst of these sales, German MP and major Bitcoin advocate Joana Cotar called on the government to stop the rapid BTC sale. Instead, she advocated the adoption of Bitcoin as a “strategic reserve currency” to hedge against potential risks in the traditional financial system. In this context, the crypto-friendly politician stated that BTC could help Germany diversify its treasury holdings, act as a hedge against inflation and currency devaluation, as well as promote innovation within the country.
Cotar added that it would not make sense for the sell-off to continue, which would be counterproductive for the nation. Furthermore, Cotar went on to invite four German lawmakers to the “Bitcoin Strategies for Nation States” event on October 17th to potentially convince their peers of the benefits of Bitcoin.
“I propose the development of a comprehensive Bitcoin strategy!”
According to data from cryptocurrency intelligence platform Arkham, the German government has disposed of 8083 BTC worth approximately $462.1 million at current prices since July 19. Following the sales, Germany now holds only 41,774 Bitcoins worth $2.27 billion in all wallets. Cotar emphasized that the mass sale of Bitcoin should be stopped immediately, arguing that it could support Germany’s economic independence and increase its resilience to external financial uncertainties. In this context, Cotar underlined the following points:
Instead of divestment, I recommend developing a comprehensive Bitcoin strategy, which could involve holding Bitcoin in a state treasury, issuing BTC bonds, or creating a favorable regulatory environment.
A key component of this strategy will be to incentivize BTC-based innovation. It will also serve to create a legal framework to attract the best talent globally.
Interesting offer from Tron inventor: I’m ready to buy BTC!
In 2013, the German Federal Criminal Police Office (BKA) seized around 50,000 BTC from operators of the popular pirate movie website Movie2k.to. The BKA bought the Bitcoin in mid-January following a “voluntary transfer” of the suspects. Meanwhile, the German government has yet to confirm whether it plans to dispose of the remaining Bitcoin.
On the other side, Tron inventor Justin Sun recently offered to buy the country’s $2.3 worth of BTC to minimize market damage. However, Germany’s ongoing Bitcoin sale and Mt. Gox’s $9 billion compensation plan to creditors triggered Bitcoin’s recent price drop.
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