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German Parliament Member Joana Cotar strongly criticized the German government's recent decision to sell a large amount of Bitcoin holdings.
The German government recently transferred more than $195 million in Bitcoin to various cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp.
The move has contributed to increased market volatility, with Bitcoin prices experiencing significant swings. Critics have argued that such a large-scale government liquidation could have long-term negative impacts on the stability of the cryptocurrency market.
The sale stems from assets seized during a high-profile investigation into illegal movie streaming site Movie2k.to, with around 50,000 BTC, now worth over $3 billion, seized.
The sale has sparked controversy and debate in and outside Germany as the government has continued to liquidate its seized assets in recent years. Critics have argued that large-scale government liquidation could have a long-term negative impact on the value and stability of Bitcoin.
Counterproductive approach
Cotar condemned the government’s move, which contrasts with discussions in the United States where Bitcoin is being considered as a strategic reserve currency.
She raised her concerns with Saxony's state minister, President Michael Kretschmer, Finance Minister Christian Lindner and Chancellor Olaf Scholz, calling on them to reconsider the strategy.
The congressman emphasized the counterproductive nature of this approach and invited officials to an upcoming speaking event called “Bitcoin Strategy for Nations” on October 17. The event will feature Samson Mow, CEO of JAN3 and a renowned Bitcoin strategist.
The discussion will focus on how policymakers can leverage Bitcoin to strengthen their national economies. Mow is expected to provide insight into the potential benefits of embracing Bitcoin as part of national financial strategies, a topic that is gaining traction around the world.
The event will also discuss the issuance of Bitcoin-backed government bonds to attract a new group of investors interested in Bitcoin-denominated fixed income securities. Mow believes that these bonds could provide a stable source of funding for critical infrastructure projects, driving economic growth and innovation.
The event bears similarities to El Salvador's pioneering move in 2021 to adopt Bitcoin as legal currency, underscoring the potential of similar initiatives to drive economic transformation.
