Joana Cotarmember of the German Bundestag and long-time advocate of bitcoin (btc) adoption, is rejecting the government's recent decision to sell its btc holdings.
Having witnessed the sale of approximately 50,000 confiscated bitcoin earlier this year, Cotar is now championing the idea of establishing a strategic bitcoin reserve for Germany.
btc as a political force in Europe?
In a recent <a target="_blank" href="https://x.com/BitcoinMagazine/status/1861487442928304469″ target=”_blank” rel=”noopener nofollow”>interview Writing in bitcoin Magazine, Cotar expressed his belief that btc could become a major political force in Europe. He is dedicated to fostering understanding among his fellow legislators about the potential benefits of adopting bitcoin.
To this end, Cotar has initiated educational efforts, including the creation of a dedicated website, a newsletter, and parliamentary events involving experts in the cryptocurrency field.
Cotar noted that these initiatives have sparked the interest of other members of parliament, indicating a growing curiosity about how btc could improve Germany's financial system.
When discussing the main barriers to btc adoption within European governments, Cotar highlighted a prevailing sense of fear. He explained that there is often a cautious approach to new ideas and technologies, with governments prioritizing regulatory concerns and perceived risks over innovation opportunities.
During the interview, Cotar also referred to btc as the “currency of freedom” and a “tool for liberation,” emphasizing its importance in an era when many people face oppression in authoritarian regimes. She believes that btc offers people a means to express their opinions and assert their freedoms in ways that traditional financial systems may not allow.
Cotar proposes bitcoin as a Federal Reserve asset
Reflecting on the German government's decision to <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/german-parliament-member-urges-government-to-cease-selling-bitcoin/” target=”_blank” rel=”noopener nofollow”>sell your btc holdingsCotar characterized it as a critical misstep. He previously communicated his concerns to the Finance Minister and the Chancellor, advocating for a cohesive bitcoin strategy rather than asset liquidation.
“Germany needs a bitcoin strategy,” Cotar said, highlighting that legislation should be changed to allow confiscated btc to be held as a national reserve rather than sold.
While acknowledging the potential for btc to be implemented as legal tender, similar to El Salvador, Cotar acknowledged that such a move is unlikely to happen in Germany any time soon.
Instead, the legislator proposed alternative strategies for btc. <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/germany-liquidates-over-90-of-bitcoin-holdings-retains-only-284-million/” target=”_blank” rel=”noopener nofollow”>adoptionsuch as designating it as a federal reserve asset and using it as a store of value to combat inflation. He also mentioned the possibility of mining bitcoin as another way to integrate into Germany's economy.
At the time of writing, btc has managed to regain the $93,120 level, after briefly pulling back to the $91,000 level on Tuesday, recording losses of almost 7% in the last week alone.
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