Joana Cotar criticizes Germany’s Bitcoin sale, urging it to be held as a strategic reserve currency.
Cotar invites officials to read a lecture by Samson Mow on Bitcoin strategies for nation-states.
Samson Mow’s lecture outlines how holding Bitcoin can diversify national wealth and enhance economic sovereignty.
A German lawmaker has criticized her government’s decision to sell Bitcoin holdings, sparking a debate over the role of cryptocurrencies as strategic assets for nation-states.
In a most recent post on X (formerly Twitter), Joana Cotar, a member of the German Parliament, voiced concerns over the government’s decision to sell Bitcoin rather than hold it as a strategic reserve currency.
Statt #Bitcoin als strategische Reservewährung zu halten, wie es in den USA bereits debattiert wird, verkauft unsere Regierung im großen Stil. Ich habe @MPKretschmer, @c_lindner & @Bundeskanzler @OlafScholz darüber informiert, warum dies nicht nur nicht sinnvoll, sondern… pic.twitter.com/v9FpzmfLbp
— Joana Cotar (@JoanaCotar) July 4, 2024
This stance contrasts sharply with discussions in the U.S. about adopting Bitcoin as a strategic asset, highlighting the need for a more forward-thinking approach to digital currency adoption by nation-states.
Cotar’s post emphasized potential drawbacks of the current strategy, arguing that large-scale Bitcoin sell-offs are either unwise or counterintuitive. She addressed her concerns to prominent political figures, including Michael Kretschmer, Christian Lindner, and Chancellor Olaf Scholz, urging them to reconsider their stance.
Cotar also invited these officials to a lecture event featuring Bitcoin strategist Samson Mow, aptly titled “Bitcoin Strategies for Nation States,” scheduled for October 17th at the Paul-Löbe-Haus.
The lecture referenced in Cotar’s post is based on an article by Samson Mow titled “Bitcoin Strategies for Nation States.” The article outlines Bitcoin’s transformative potential when adopted by governments. Mow discusses how integrating Bitcoin into national reserves alongside traditional fiat currencies and gold can diversify a nation’s wealth and mitigate economic risks.
Mow holds the contention on how Bitcoin’s scarcity and deflationary nature make it an attractive alternative to preserve wealth against inflation and currency devaluation. Historically, Bitcoin has outperformed traditional assets like stocks and bonds, potentially enhancing overall portfolio performance. Secure custody measures and robust reporting protocols ensure the transparency and security of a nation’s Bitcoin holdings.
Mow also suggests that issuing Bitcoin-denominated bonds and utilizing a country’s energy resources for Bitcoin mining can generate additional revenue and support the global Bitcoin network.
Furthermore, Mow emphasizes passing Bitcoin-friendly laws to spur local innovation and entrepreneurship. Legal recognition of Bitcoin can help integrate underserved populations into the financial system, promoting economic inclusion.
In response to Joana Cotar’s post, an X user account @LnAmbassador replied:
“Hey Joana Cotar some of the Bitcoin remained in Germany today. So they are not gone. They just belong to someone else now.”
This exchange underscores the differing perspectives in Germany regarding Bitcoin’s potential as a national strategic asset, with some advocating for a long-term hold strategy while others downplay the significance of the government’s divestment.
The post Should Governments Hold Bitcoin? German Debate Highlights Global Dilemma appeared first on Coin Edition.
