German parliament member calls government out for selling Bitcoin

Germany’s federal parliament member, Joana Cotar, has criticized the government’s decision to sell Bitcoin, stating that this move increased market volatility and could have long-term negative effects on the cryptocurrency market.

Cotar believes Bitcoin should be treated as a national strategic reserve. The Bitcoins in question were confiscated from the illegal website Movie2k.to, which accounted for about 50,000 Bitcoins.

“I urge you to refrain from a hasty disposal of state-owned Bitcoin.”

Joana Cotar

Bitcoin as a strategic asset for Germany

Cotar believes Bitcoin can help Germany diversify its treasury assets, serve as a hedge against inflation, and promote innovation. She argued that selling off more Bitcoin is not “sensible” and is “counterproductive” for the country.

In her letter, the lawmaker invited four German politicians to the “Bitcoin Strategies for Nation States” event in October, hoping to change their views on Bitcoin.

Cotar has consistently highlighted the need to ensure legal security for companies and citizens involved in Bitcoin.

She emphasized combating potential risks like money laundering, tax evasion, and other illegal activities, but without stifling innovation. In a speech last year, she stated:

“We need to combat potential risks such as money laundering, tax evasion, and other illegal activities associated with Bitcoin. But without stifling innovation and the freedom aspects of Bitcoin.”

To increase awareness and support for Bitcoin in the German parliament, Cotar initiated the “Bitcoin in the Bundestag” program. This initiative plans to educate her colleagues about the benefits of Bitcoin so they can make informed decisions. She added:

“We need to promote the freedom aspects of Bitcoin. This includes protecting privacy, ensuring security standards, and preventing excessive regulation to maximize the benefits of Bitcoin.”

Cotar is exclusively focused on Bitcoin and has little interest in other cryptocurrencies. She stressed the importance of establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets.

The lawmaker has also been a vocal critic of the European Central Bank’s (ECB) digital currency plans. Recently, she publicly opposed the Digital Euro, questioning its necessity.

Last year, she wore a Bitcoin shirt while giving a speech against the Digital Euro, saying, “Nobody needs the digital euro. Except for one ECB and politicians who have something else in mind.”

Reporting by Jai Hamid