Summary:
German MP Joana Cotar has urged the government to stop selling Bitcoin, arguing it could serve as a strategic reserve currency and protect against risks in the traditional system.
Cotar believes holding Bitcoin could diversify Germany's treasury assets, hedge against inflation, and promote innovation.
The German government has sold 7,583 Bitcoin, worth $434.9 million at current prices, since June 19.
Cotar argues that continued selling is counterproductive and recommends developing a comprehensive Bitcoin strategy.
Cotar's letter has sparked debate about Germany's stance on Bitcoin and its potential role in the country's financial future.
German MP Joana Cotar has urged the German government to stop its Bitcoin sell-off, arguing that Bitcoin could serve as a strategic reserve currency and protect against risks in the traditional financial system. Cotar believes that holding Bitcoin could help Germany diversify its treasury assets, hedge against inflation and currency devaluation, and promote innovation in the country.
Since June 19, the German government has sold 7,583 Bitcoin, worth $434.9 million at current prices. This sell-off has been attributed to Bitcoin's recent price slump, along with Mt. Gox's $9 billion reimbursement plan to creditors. However, Cotar argues that continued selling is “counterproductive” and recommends developing a comprehensive Bitcoin strategy that could include keeping Bitcoin in the state treasury, issuing Bitcoin bonds, or creating a more conducive regulatory environment.
Cotar's letter to the government has sparked debate about Germany's stance on Bitcoin and its potential role in the country's financial future.
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