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German MP Says Government Should Use Bitcoin as Strategic Reserve Instead of Selling

Cotar stated that the German government was "hastily" selling off their Bitcoin bags.

bitcoin in shelves

Joana Cotar, a German lawmaker, slammed the government’s recent sale of its Bitcoin holdings, branding the move “not sensible” and “counterproductive.” In an X post on Thursday, Cotar stated that the German government should have emulated the United States, which sees Bitcoin as a strategic reserve asset.

“Instead of holding Bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” Cotar tweeted.

The German government recently sold off a substantial portion of its Bitcoin holdings, worth over $195 million, to various exchanges, including Coinbase, Kraken, and Bitstamp. This sale contributed to market volatility, and Bitcoin reached a price not seen since February.

Bitcoin As Strategic Reserve Currency

“Instead of selling, I recommend developing a comprehensive bitcoin strategy. This could include keeping Bitcoin in the state treasury, issuing Bitcoin bonds, or creating a conducive regulatory environment,” Cotar continued.

She invited government officials to attend an event on “Bitcoin Strategies for Nation States” to learn how political decision-makers can leverage Bitcoin to bolster their national economies. The event will feature Samson Mow, CEO of JAN3, discussing the potential benefits of holding Bitcoin as part of national financial strategies and issuing Bitcoin-backed government bonds to attract investors.

The upcoming event will explore how governments can harness Bitcoin’s potential to strengthen their economies. Samson Mow, a renowned expert, will share his insights on the advantages of incorporating Bitcoin into national financial strategies, a concept gaining global attention.

Also called digital gold, Bitcoin has gained global recognition as a hedge against inflation. Countries and popular companies have adopted Bitcoin as their strategic reserve, with Japan’s Metaplanet and Canada-based DeFi Technology becoming the latest to thread this part.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.