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A German lawmaker criticized the government's ongoing selling spree of Bitcoin (CRYPTO: BTC), a move that has put significant downward pressure on the world's largest cryptocurrency.
What Happened: Joana Cotar, a member of the German Bundestag, took to X Thursday to label the large-scale selling of state-owned Bitcoin as "insensible and counterproductive."
She argued that Bitcoin could be effectively used as a strategic reserve currency instead, as is being debated in many countries, including the U.S.
The MP appealed to high-ranking government officials including Chancellor Olaf Scholz and Finance Minister Christian Lindner to look into these concerns and invited them to attend the upcoming "Bitcoin Strategies for Nation States" event, which will focus on ways to use Bitcoin to improve the economy’s financial health.
See Also: Top Crypto Trader Thinks Bitcoin Has ‘Uncapped Upside,’ Reveals Price Where He Would ‘Max Allocate’
Why It Matters: The German government has liquidated more than 7,000 Bitcoins, worth $387 million, since June 19, according to blockchain analytics firm Arkham.
The government-linked wallet still had 42, 740 Bitcoins at the time of writing, worth $2.34 billion, exacerbating concerns of further sell-offs and price drops.
These assets were confiscated from the operators of Movie2k.to, a notorious film piracy website active in 2013. A total of 50,000 Bitcoins were seized as part of this operation.
The founder of Tron (CRYPTO: TRX) blockchain, and cryptocurrency billionaire, Justin Sun recently offered to purchase all the Bitcoins from the German government off-market to reduce the negative impact.
Price Action: At the time of writing, Bitcoin was exchanging hands at $55,329.31, plunging 6.4% in the last 24 hours, according to data from Benzinga Pro.
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