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Haider Jamal

Jul 05, 2024

Joana Cotar Calls Out German Parliament For Selling Bitcoin

Joana Cotar, a member of the German Federal Parliament, has voiced strong criticism against the local government recently deciding to liquidate Bitcoin holdings. Cotar argues that this move has heightened market volatility and could potentially harm the long-term prospects of the cryptocurrency market.

 

Advocating For Bitcoin

Cotar advocates for treating Bitcoin as a strategic national reserve rather than selling it off hastily. The Bitcoins in question were seized via the illegal platform Movie2k.to, amounting to approximately 50,000 BTC.

She believes that integrating Bitcoin into local treasury assets could diversify investments, provide a hedge against inflation, and foster technological innovation. Cotar contends that further sales of Bitcoin by the government are imprudent and could work against Germaninterests. In a letter addressed to four German politicians, Cotar invites them to an upcoming event titled Bitcoin Strategies for Nation States in October, aiming to shift their perspectives on the flagship crypto.

 

An Informed Opinion

To promote understanding and support for Bitcoin within the German parliament, Cotar initiated the Bitcoin in the Bundestag program. This initiative seeks to educate fellow lawmakers on the various benefits of Bitcoin in order to try and facilitate informed decision-making.

While emphasizing the need to address risks such as money laundering and tax evasion associated with Bitcoin, Cotar advocates for regulatory measures that do not stifle innovation or privacy. She has been vocal about distinguishing Bitcoin compared to other cryptocurrencies and has criticized plans for a digital euro by the European Central Bank, asserting its lack of necessity.

 

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