German legislator Joana Cotar criticized the government for its decision to sell Bitcoin, contending that it contributes to market volatility.
Joana Cotar, a member of the federal parliament in Germany, has expressed her dissatisfaction with the government’s decision to sell Bitcoin. She claimed that this action could have a long-term negative impact on the cryptocurrency market and increase market volatility.
Bitcoin should be considered a national strategic reserve, according to Cotar. The Bitcoins in question were confiscated from the unlawful website Movie2k.to, which was responsible for approximately 50,000 Bitcoins.
Cotar is of the opinion that Bitcoin has the potential to diversify Germany’s treasury assets, promote innovation, and protect against inflation. She contended that the country would be “counterproductive” and that the sale of additional Bitcoin is not “sensible.”
The lawmaker sent a letter in October inviting four German legislators to the “Bitcoin Strategies for Nation States” event with the intention of influencing their opinions on Bitcoin.
Cotar has consistently emphasized the necessity of ensuring legal security for companies and citizens involved in Bitcoin.
In order to enhance the visibility and endorsement of Bitcoin within the German parliament, Cotar implemented the “Bitcoin in the Bundestag” initiative. This initiative aims to provide her colleagues with the information necessary to make informed judgments about the advantages of Bitcoin. Additionally, she stated:
“We must advocate for the freedom-related aspects of Bitcoin. This encompasses safeguarding privacy, guaranteeing security standards, and preventing excessive regulation in order to optimize the advantages of Bitcoin.”
Bitcoin is the sole focus of Cotar, and it has little interest in trading other cryptocurrencies. She underscored the significance of establishing a formal Bundestag committee that acknowledges the technological distinctions between Bitcoin and other crypto assets.
Additionally, the legislator has been an outspoken opponent of the European Central Bank’s (ECB) digital currency proposal. She recently expressed her opposition to the Digital Euro, doubting its necessity.
While delivering a speech in opposition to the Digital Euro last year, she sported a Bitcoin start and declared, “The digital euro is unnecessary. With the exception of a single ECB and politicians who have other objectives.”
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