Germany Urged to Halt Bitcoin Selling Spree

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by Giorgi Kostiuk

2 years ago

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Joana Cotar, an independent member of the Bundestag, has called on the government to cease its Bitcoin selling activities. Cotar's message to key officials like Michael Kretschmer and Christian Lindner highlights the counterproductive nature of the current approach. She has extended an invitation to a lecture featuring Bitcoin advocate Samson Mow on October 17th. In her communication, Cotar emphasizes that Bitcoin presents a unique avenue for diversification, reducing risks associated with traditional asset concentrations. She asserts that Bitcoin's scarcity positions it as a hedge against inflation and currency devaluation. Additionally, Cotar underlines the potential of Bitcoin to spur innovation, economic independence, and technological advancement. Notably, in 2023, Cotar introduced a bill proposing Bitcoin's recognition as legal tender in Germany, following El Salvador's lead. Recent actions by the German government, as highlighted by reports, involved significant BTC sales, potentially impacting Bitcoin's performance negatively. The government's increased BTC holdings, stemming from past efforts against piracy, have contributed to selling pressure on Bitcoin. Recent reports indicate further BTC transfers by the German government to exchanges, adding to the downward pressure.

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