Bitcoin Federal Association Formally Forms, Aims to Influence Legislation
Last week, Germany officially established the Bitcoin Bundesverband (BTCBV) in its federal parliament (Bundestag). The news was announced by Joana Cotar, a member of the German Bundestag and Bitcoin advocate, on the social platform X. The establishment of the association symbolizes an important step in Germany's cryptocurrency industry and aims to actively shape the German and EU Bitcoin ecosystem through lobbying, building networks and influencing national and international Bitcoin legislation.
According to a press release shared by BTCBV, a total of 50 members of the association were present in person at the inaugural meeting, while a further 22 members participated remotely. The association provides a platform for businesses, research institutions, developers, and politicians to discuss and collaborate together, dedicated to solving various issues related to Bitcoin.
Source: BTCBV Bitcoin Federal Association establishment press release
In the association's leadership elections, Philipp J.A. Hartmannsgruber was elected President, Daniel Wingen became Vice-President and Matthias Steger became Financial Director.
"We have laid a solid foundation for Bitcoin businesses to have a strong voice and representation in the German Bundestag, the European Parliament and the European Commission," Hartmannsgruber said in his speech.
Promote the Bitcoin ecosystem and gather industry strength
Founding members of the Bitcoin Federation include representatives from Bitcoin companies such as 21bitcoin, Blocksize and Coinfinity. The association plans to join Germany’s lobby group registration to further strengthen its influence in the policy-making and legislative process.
The establishment of the association is seen as an important step to promote the development of Bitcoin in Germany and the EU. By gathering the power of enterprises, research institutions and politicians, BTCBV hopes to create a more friendly environment for the Bitcoin ecosystem and promote the improvement of relevant regulations and the healthy development of the market.
Source: BTCBV Bitcoin Federation Association Founding Meeting
The past and prospects of the German government and Bitcoin
Notably, the German government confiscated 46,359 Bitcoins in a 2013 operation against piracy websites that violated copyright laws, which would be worth approximately $3.05 billion at today’s prices. However, as of now, the German government has liquidated all of these holdings in 2024 and no longer holds any Bitcoin.
According to a research report by CoinGecko, governments around the world hold 2.2% of the total supply of Bitcoin, approximately 471,400 pieces, and the total value of Bitcoin is approximately US$30.88 billion. Among them, the United States ranks first with 213,000 Bitcoins, followed by China with 190,000, the United Kingdom with 61,000, El Salvador with 5,800 and Ukraine with 1,334.6.
Source: CoinGecko Number of Bitcoins held by each country
The establishment of the Bitcoin Federal Association represents a new starting point for Germany’s Bitcoin and blockchain technology industry. With the active promotion of the association, Germany is expected to play a more important role in future cryptocurrency legislation and market development, contributing to the progress of the global cryptocurrency ecosystem.
Further reading
German regulatory punch! Seized 47 cryptocurrency exchanges, suspected to be related to illegal activities
The German government takes action again! Illegal cryptocurrency ATM raided, 28 million magnesium assets seized
Germany loses by selling Bitcoin? Justin Sun mocks sell-off, MP: Government should abandon digital euro
Has the German government finally sold out? Transferring tens of thousands of Bitcoins again, only "this number" is left in the wallet
