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Joana Cotar, a member of the German Bundestag, criticized the government's decision to sell off Bitcoin (CRYPTO: BTC) holdings.
In a letter to key government officials — Saxon State Premier Michael Kretschmer, Federal Finance Minister Christian Lindner, and Chancellor Olaf Scholz — Cotar outlines several arguments for why the state should retain its Bitcoin holdings rather than liquidate them.
“Bitcoin offers a unique opportunity to diversify the state’s assets,” Cotar wrote, underscoring the benefits of asset diversification.
She argued that holding Bitcoin could reduce risks associated with over-reliance on traditional asset classes.
Cotar’s appeal comes in the wake of a recent transaction highlighted by Arkham Intelligence. The German government transferred 547.44 BTC, worth approximately $30.09 million, to the market maker Flow Traders. The government still holds about 41,000 BTC, valued at roughly $2.27 billion.
She noted the long-term value preservation potential of Bitcoin, such as its scarcity and deflationary nature as protection against inflation and currency devaluation.
“A clear legal framework arising from the state’s self-interest in Bitcoin technology would promote local innovation and entrepreneurship,” she stated, suggesting that such an approach could lead to significant technological and financial advancements in the country.
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Economic sovereignty was another key point in Cotar’s argument.
She believes that embracing Bitcoin could strengthen Germany’s economic independence and enhance its resilience against external financial uncertainties.
Moreover, she emphasized the importance of technological progress, advocating for a Bitcoin-friendly stance that could foster research and development in the financial and technology sectors, thereby attracting top talent.
Instead of selling Bitcoin, Cotar proposed developing a comprehensive Bitcoin strategy for Germany.
This strategy could include retaining Bitcoin in the state treasury, issuing Bitcoin bonds, or creating a favorable regulatory environment.
Cotar's stance aligns with broader discussions on the strategic use of digital assets, a topic set to be explored further at Benzinga’s Future of Digital Assets event on Nov. 19.
According to Lookonchain, the German government, the US government, and Mt. Gox have transferred a total of 17,788 BTC ($1.08 billion) since June 19.
The German government has transferred BTC every day since July 1.
They currently hold a total of 396,210 BTC ($22.78 billion), including: the German government, 41,226 BTC ($2.28 billion), the US government, 213,297 BTC ($11.72 billion), and Mt. Gox, 141,687 BTC ($7.78 billion).
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Posted In: $BTC
