German Lawmaker Calls for Halt in Government Bitcoin Sales

A German Member of Parliament (MP) has called on the government to halt its sale of Bitcoin. Joana Cotar, an independent Bundestag member, has urged officials to reconsider their actions regarding the cryptocurrency.

Cotar has directly contacted key figures within the government, including Michael Kretschmer, a deputy chair of the CDU, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz. She expressed her belief that the government’s current approach to selling Bitcoin is counterproductive and invited them to attend a lecture she will host alongside Bitcoin advocate Samson Mow on October 17.

The MP argued in a letter that Bitcoin presents a unique opportunity for diversifying assets, offering a means to mitigate risks associated with traditional asset classes. Additionally, she highlighted Bitcoin’s potential as a hedge against inflation and currency devaluation due to its limited supply.

Moreover, Cotar emphasized that embracing Bitcoin could foster innovation, economic independence, and technological advancement. In a move to further promote the adoption of Bitcoin, Cotar introduced a bill in 2023 that proposed making the cryptocurrency legal tender in Germany, following in the footsteps of El Salvador.

Recent reports indicated that the German government had been actively selling off significant amounts of Bitcoin, which likely contributed to the cryptocurrency’s recent underperformance. The government’s selling spree intensified with the transfer of an additional 1.3K BTC to exchanges, adding to the downward pressure on Bitcoin’s price, which recently dropped to $56,836.

Germany’s stance on Bitcoin has evolved over the years, with the government becoming one of the largest holders of the cryptocurrency following its crackdown on the piracy website Movie2k.to over a decade ago. The ongoing developments surrounding Bitcoin in Germany underscore the growing importance of digital assets in the global financial landscape.