In a bold appeal to Germany’s government, Joana Cotar, a prominent lawmaker and Bitcoin advocate, has called for a halt to the nation’s accelerated Bitcoin sell-off, proposing instead that the digital asset be adopted as a strategic reserve currency.
Cotar is a German politician known for her involvement with the Alternative for Germany (AfD) party, a right-wing populist political party in Germany. She has been an active member of the AfD and has held various positions within the party. Cotar was born on April 6, 1973, in Pitești, Romania, and later moved to Germany.
Cotar has been a member of the Bundestag, the German federal parliament, where she represents the AfD. She is known for her work on digital policy and has been a spokesperson for the party on issues related to digital infrastructure and internet governance. Her political stance aligns with the AfD’s broader platform, which includes a strong emphasis on national sovereignty, skepticism towards the European Union, and strict immigration policies.
Cotar’s plea, made on 4 July, emphasizes Bitcoin’s potential to diversify Germany’s treasury holdings, hedge against inflation and currency devaluation, and drive technological innovation.
Cotar’s letter to government officials highlighted her concerns about the current approach, describing further Bitcoin liquidation as both imprudent and counterproductive. She invited four fellow politicians to the “Bitcoin Strategies for Nation States” conference scheduled for October, aiming to educate and potentially convert them to the benefits of Bitcoin.
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
Recent data from Arkham, a cryptocurrency intelligence platform, reveals that since June 19, Germany has been selling bitcoins. As of July 4, Germany retains 40,359 Bitcoins, valued at around $2.3 billion.
The German Government still holds 40,359 BTC ($2.3B) in tagged addresses on-chain.Track the German Government on Arkham:https://t.co/ePjzPDKmos
— Arkham (@ArkhamIntel) July 4, 2024
Cotar argues that halting the Bitcoin sales could enhance Germany’s economic sovereignty and fortify it against global financial instabilities. She advocates for the development of a robust Bitcoin strategy, which might encompass maintaining Bitcoin within the state treasury, issuing Bitcoin bonds, and fostering a regulatory environment conducive to Bitcoin-centric innovation. This strategy, she believes, would not only bolster the national economy but also attract top-tier talent from around the globe.
While the German government has yet to announce whether it will continue its Bitcoin sell-off, Tron founder Justin Sun has expressed interest in purchasing Germany’s remaining $2.3 billion worth of Bitcoin to mitigate market impact.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
The ongoing liquidation, coupled with the impending $9 billion reimbursement to Mt. Gox creditors, has been linked to Bitcoin’s recent price decline. Currently, Bitcoin is trading at $54,392, reflecting a 11.5% drop over the past week and an 23.4% decline over the last month.
Featured Image via Pixabay