The German government’s recent decision to transfer up to $195 million worth of BTC to a number of crypto asset exchanges including Coinbase, Kraken and Bitstamp has been strongly criticized by Bundestag member Joana Cotar.
According to critics, such a large-scale sell-off by the government may have a profound negative impact on the stability of the crypto-asset market. In fact, this action has caused significant fluctuations in the price of BTC and market instability.
The BTC assets being sold stem from an investigation into the illegal movie streaming site Movie2k.to, which resulted in the seizure of about 50,000 BTC, now worth more than $3 billion. The government's continued sale of these confiscated assets has sparked widespread controversy and discussion not only in Germany but also internationally.
In a series of tweets, Cotar condemned the government’s decision and contrasted it with the United States’ approach to Bitcoin, where it is considered a strategic reserve currency.
She took her concerns to Saxony state and finance ministry leaders, including Premier Michael Kretschmer, Finance Minister Christian Lindner and Premier Olaf Scholz, and urged them to review the strategy.
Cotar highlighted the negative effects of this approach and invited the officials to attend a lecture on “The Country’s BTC Strategy” on October 17. The event will also be attended by Samson Mow, CEO of JAN3 and a well-known BTC strategist.
The event will focus on how political decision-makers can use Bitcoin to boost their countries’ economies. Mow is expected to delve into the potential benefits of holding Bitcoin as part of a country’s financial strategy, a topic that is gaining global attention.
At the same time, issuing government bonds backed by BTC will also be part of the discussion to attract new types of investors interested in BTC-denominated fixed-income securities. Mow suggested that these bonds can provide a stable source of funding for important infrastructure projects, thereby promoting economic growth and innovation.
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