German Parliament Member Calls for Government to Cease Bitcoin Sales Due to Urgent Requirements

German Member of Parliament and prominent Bitcoin advocate Joana Cotar has urged the government to stop its rapid sale of Bitcoin. Instead, Cotar suggests adopting Bitcoin as a “strategic reserve currency” to protect against potential risks in the traditional financial system. In a recent statement, Cotar stated that Bitcoin could help Germany diversify its treasury assets, act as a hedge against inflation and currency devaluation, and promote innovation within the country. Cotar believes that continuing to sell off Bitcoin would be counterproductive for the nation and invited her peers to a Bitcoin event to discuss its benefits. According to data from Arkham, the German government has already sold 8083 BTC, equivalent to $462.1 million, since July 19. As a result, Germany now holds only 41,774 Bitcoin, worth $2.27 billion, in its wallets. Cotar emphasized the need to immediately halt the mass selling of Bitcoin to enhance Germany’s economic independence and resilience. She suggested developing a comprehensive Bitcoin strategy, including keeping Bitcoin in the state treasury, issuing Bitcoin bonds, and creating a favorable regulatory environment. Cotar also highlighted the importance of establishing a legal framework to foster Bitcoin-based innovation and attract global talent. The German government has not confirmed whether it plans to sell the remaining Bitcoin. Tron founder Justin Sun has expressed interest in buying Germany’s Bitcoin holdings to minimize market damage. However, Germany’s ongoing sell-off and the Mt. Gox compensation plan have been blamed for the recent drop in Bitcoin’s price, which has fallen below $55,000.