In a bold appeal to Germany’s government, Joana Cotar, a prominent Bitcoin advocate and lawmaker, has urged officials to cease the country’s ongoing sale of Bitcoin. Cotar’s plea, articulated in a letter addressed to government members on July 4th, implores them to reconsider the “hasty disposal of state-owned Bitcoin.” Instead, she advocates for embracing the cryptocurrency as a “strategic reserve currency” to mitigate risks inherent in the traditional financial system.
Cotar criticized the recent sell-offs as “not sensible” and “counterproductive,” emphasizing that such actions are detrimental to Germany’s national interests. Alongside her letter, Cotar extended invitations to four German politicians to attend the upcoming “Bitcoin Strategies for Nation States” event scheduled for October. Her goal is to persuade her peers of Bitcoin’s strategic value, arguing that it could diversify Germany’s treasury assets, serve as a hedge against inflation and currency devaluation, and foster domestic innovation.
According to cryptocurrency intelligence platform Arkham, since June 19th, the German government has sold 7,583 Bitcoin, amounting to approximately $434.9 million at current market prices. The most recent transaction on July 4th involved the transfer of $172 million worth of Bitcoin to exchanges such as Coinbase, Kraken, and Bitstamp. As of now, Germany holds 42,274 Bitcoin, valued at about $2.4 billion.
Cotar’s proposed strategy includes establishing a robust legal framework to promote Bitcoin-based innovation and attract top global talent. She believes these measures will not only safeguard Germany’s financial future but also position the country as a frontrunner in the digital currency landscape.
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