2024

Bitcoin

Bitcoin advocate Joana Cotar urged the German government to halt rapid Bitcoin sales and use it as a “strategic reserve currency” for financial protection. 
In a letter to German government members on July 4, <a href="https://bitcoin-im-bundestag.de/bitcoin-strategien-fuer-nationalstaaten/" target="_blank" rel="noreferrer noopener nofollow">Cotar advised</a> against the “hasty disposal” of state-owned Bitcoin. She believes that Bitcoin could help Germany diversify its treasury assets, hedge against inflation and currency devaluation, and promote innovation. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Statt <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> als strategische Reservewährung zu halten, wie es in den USA bereits debattiert wird, verkauft unsere Regierung im großen Stil. Ich habe <a href="https://twitter.com/MPKretschmer?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@MPKretschmer</a>, <a href="https://twitter.com/c_lindner?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@c_lindner</a> &amp; <a href="https://twitter.com/Bundeskanzler?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Bundeskanzler</a> <a href="https://twitter.com/OlafScholz?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@OlafScholz</a> darüber informiert, warum dies nicht nur nicht sinnvoll, sondern… <a href="https://t.co/v9FpzmfLbp" target="_blank">pic.twitter.com/v9FpzmfLbp</a>— Joana Cotar (@JoanaCotar) <a href="https://twitter.com/JoanaCotar/status/1808888782738911614?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 4, 2024</a>
 </blockquote> 
 </div>
</figure> 
Cotar criticized further Bitcoin sell-offs as “counterproductive” and invited four German politicians to the “Bitcoin Strategies for Nation States” event in October to discuss potential benefits. 
Since June 19, the German government has sold 7,583 Bitcoin, worth $434.9 million at current prices, according to cryptocurrency intelligence platform Arkham.&nbsp; 
The latest sale on July 4 saw $172 million worth of Bitcoin transferred to exchanges Coinbase, Kraken, and Bitstamp. Germany now holds 42,274 Bitcoin, worth $2.4 billion. 
Cotar emphasized that halting the mass sell-off could strengthen Germany’s economic independence and resilience. Cotar suggested developing a comprehensive Bitcoin strategy, including keeping Bitcoin in the state treasury, issuing Bitcoin bonds, and creating a supportive regulatory environment. This strategy could attract top talent and promote Bitcoin-based innovation. 
The German government has not confirmed whether it will continue selling its Bitcoin. However, Tron founder Justin Sun has offered to buy Germany’s $2.3 billion worth of Bitcoin to minimize market impact. 
Germany’s Bitcoin sell-off and Mt. Gox’s $9 billion reimbursement plan to creditors have been linked to Bitcoin’s recent price slump. Bitcoin is currently trading at $57,810, down 6% over the last week and 18% over the last month. 
Joana Cotar believes halting rapid Bitcoin sales and using it as a strategic reserve currency could diversify Germany’s treasury, hedge against inflation and currency devaluation, and promote innovation. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/05/hamilton-tokenizes-first-us-treasury-bills-on-bitcoin-layer-2-solutions/" target="_blank" rel="noreferrer noopener">Hamilton Tokenizes First US Treasury Bills on Bitcoin Layer 2 Solutions</a> 
</blockquote>

Joana Cotar Urges German Government to Halt Bitcoin Sales

The Crypto Times

Other articles published on Jul 5, 2024

XRP Stars Align: Indicators Point To Possible 7,500% Rally To $35

What is the Price of Ethereum?: A Beginner’s Guide to Invest ETH

Ardijah’s Picks: Top 10 Bitcoin Casinos for Kiwi Players

NFTs Market Shows Bullish Signs Despite Crypto Downturn

Understanding Token Vestings: A Guide

BTC Prague Conference: Deutsche Telekom Unveils Exciting Bitcoin Mining Initiative

Join our free newsletter for daily crypto updates!