Key Points
- German MP Joana Cotar criticizes the German government for selling over 9,400 Bitcoins worth $550 million.
- Cotar invites political figures to a lecture event on Bitcoin strategies for nation states.
Joana Cotar, a Member of Parliament from Germany, has criticized her country’s government for its ongoing sale of Bitcoins. Over the past two weeks, the German government has sold more than 9,400 Bitcoins, valued at over $550 million.
Cotar voiced her concerns, stating that the recent Bitcoin sales by the German government contrast with discussions in the US about holding Bitcoin as a strategic reserve asset. She has informed several high-ranking political figures, including Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Chancellor Olaf Scholz, about the potentially counterproductive nature of these sales.
Bitcoin Strategies for Nation States
Additionally, Cotar has invited these figures to attend a lecture event titled “Bitcoin Strategies for Nation States”. This event, which also features Bitcoin advocate Samson Mow, is scheduled for October 17.
The lecture will discuss how political decision-makers can use Bitcoin to boost the nation’s economy. Mow will provide further insights into the potential benefits of incorporating Bitcoin into national financial strategies.
The event will also explore the issuance of Bitcoin-backed government bonds as a means to attract investors interested in fixed-income securities denominated in Bitcoin. According to Mow, these bonds could serve as a stable source of funding for essential infrastructure projects, thereby driving economic growth and innovation.
Germany’s Bitcoin Sales
Germany’s recent sale of Bitcoins has reportedly led to increased market volatility, with the Bitcoin price dropping to $55,000. On July 4, Germany sold another 1,300 BTC across three crypto exchanges – Bitstamp, Coinbase, and Kraken.
Critics argue that such large-scale government liquidations could have long-term detrimental effects on the stability of the crypto market. These sales originate from assets seized during an investigation into the illegal movie streaming site Movie2k.to, which led to the confiscation of approximately 50,000 BTC, now valued at over $3 billion.
