Pro-Bitcoin German Parliament Member Criticizes Government’s Decision To Sell Bitcoin Holdings 🇩🇪
A German Bundestag member, Joana Cotar, has expressed disapproval of the government’s move to liquidate its significant Bitcoin holdings.
The decision to sell off BTC holdings was heavily criticized by Cotar, a proponent of Bitcoin and a member of the Bundestag.
Cotar’s criticism followed the transfer of hundreds of millions of dollars worth of Bitcoin from government wallets to various exchanges, marking the start of a large-scale liquidation process.
Government Transfers 547 BTC To Market Maker Flow Traders 📊
The German government recently transferred 547.44 BTC, equivalent to around $30.09 million, to market maker Flow Traders, as reported by blockchain intelligence firm Arkham.
This transfer represents only a fraction of the government’s total Bitcoin holdings, which currently amount to 41,000 BTC valued at $2.27 billion.
The move to liquidate Bitcoin holdings has drawn criticism from Cotar for being short-sighted.
Missed Opportunity For Germany in Financial Innovation and Sovereignty
Cotar highlighted the missed opportunity for Germany to establish itself as a leader in financial innovation and economic sovereignty by strategically utilizing Bitcoin holdings.
In a letter addressed to key government officials, including Minister President of Saxony Michael Kretschmer and Chancellor Olaf Scholz, Cotar made a case for retaining and leveraging the seized BTC.
She emphasized Bitcoin’s potential to diversify the state’s assets and reduce risks associated with traditional asset classes.
Advocating for Bitcoin’s Long-Term Value Preservation 💰
Cotar argued for Bitcoin’s role in preserving long-term value, citing its scarcity and deflationary nature as protections against inflation.
She proposed a comprehensive Bitcoin strategy, including retaining Bitcoin in the state treasury, issuance of Bitcoin bonds, or creating a favorable regulatory environment to foster innovation and entrepreneurship.
Hot Take: Government Bitcoin Holdings Should Be Preserved and Leveraged 🚀
Joana Cotar’s criticism of the German government’s decision highlights the potential benefits of retaining and strategically leveraging Bitcoin holdings for financial innovation and economic sovereignty.
Her proposal for a comprehensive Bitcoin strategy could position Germany at the forefront of financial innovation and attract top talent in the tech and finance sectors.
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