Joana Cotar, an independent member of the Bundestag, has called on the German government to halt its ongoing Bitcoin sales. Cotar’s plea is directed at key political figures, including Michael Kretschmer, Deputy Chair of the CDU, Christian Lindner, Federal Minister of Finance, and Chancellor Olaf Scholz. She deems the current strategy of selling Bitcoin as “counterproductive” and has invited them to a lecture with renowned Bitcoin advocate Samson Mow scheduled for October 17.
A Call for Bitcoin Retention
Cotar’s message is clear: selling Bitcoin is “counterproductive.” She has invited the aforementioned leaders to a lecture with Bitcoin evangelist Samson Mow scheduled for October 17, aiming to enlighten them on the potential benefits of Bitcoin retention.
The Unique Value of Bitcoin
In her correspondence, Cotar underscores the unique advantages Bitcoin offers for asset diversification. She argues that the largest cryptocurrency can mitigate risks associated with excessive exposure to traditional asset classes. Furthermore, Bitcoin’s inherent scarcity positions it as a potential hedge against inflation and currency devaluation.
Economic Innovation and Sovereignty
Cotar also highlights the broader benefits of embracing Bitcoin, suggesting that it could spur innovation, bolster economic sovereignty, and advance technical progress. Her pro-Bitcoin stance is not new; in 2023, she introduced a bill to make Bitcoin legal tender in Germany, mirroring El Salvador’s pioneering move.
Government’s Selling Spree
Despite these arguments, the German government has been actively selling Bitcoin. Last month, they moved hundreds of millions of dollars worth of BTC to exchanges, contributing to bearish market sentiment. This selling spree stems from Bitcoin assets seized during a crackdown on the Movie2k.to piracy websites over a decade ago, making the government one of the largest holders of the cryptocurrency.
Recent Market Impact
PeckShieldAlert recently reported another significant transfer of 1.3K BTC by the German government to exchanges, further increasing selling pressure. This activity coincided with a dip in Bitcoin’s price to $56,836, exacerbating concerns among market participants.
Also Read: Bitcoin Price Alert: Why a $50,000 Drop May Precede the Next Bull Market