German MP Champions Bitcoin Strategy Amid Sell-Off Mess

Joana Cotar is relentless in pursuing a clear Bitcoin strategy for the German government.

Business man walking towards a green land in the mobile screen and a bitcoin is peeking out.
Created by Kornelija Poderskytė from DailyCoin
  • German MP Joana Cotar has called for a clear Bitcoin strategy.
  • The politician first called out the government’s “senseless” Bitcoin sales on July 4.
  • Recent actions by the government indicate a potential shift in strategy.

Member of the German Bundestag Joana Cotar has continued to criticize the government’s decision to sell confiscated Bitcoin worth hundreds of millions.

Cotar’s latest criticism comes after the politician slammed the government’s move on July 4 as “senseless” and “counterproductive.” She advised the government to hold Bitcoin as a strategic currency reserve instead of selling it on a large scale.

Cotar Reiterates Bitcoin Sell-Off Concerns

The outspoken politician told Forbes on July 7 that it was hard to determine whether the German government “was or is aware” of the consequences of its recent massive Bitcoin sales.

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“I can only speculate as to why the government is selling right now. As we have massive budget shortfalls in Germany at the moment, that could be one of the reasons. The upcoming elections may also play a role,” Cotar said.

Stressing missed opportunities, Cotar criticized the government once again and reiterated calls for a clear Bitcoin strategy, which includes designating the crypto asset as the treasury’s strategic reserve currency.

“I fear that the government has no strategy at all regarding how it wants to deal with bitcoin. That's why I called for such a strategy in my letter to the government.” Cotar added.

While the German government has yet to address the matter officially, Cotar’s recent criticism could have already started paying off, with the latest government actions indicating a potential policy shift.

Per the report, the government recently bought back 1,915 BTC ($111.5 million) following massive sales that amounted to over $390 million in less than a month.

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Read this article to learn more about the Bitcoin “bull run”:
Bitcoin Bull Run Stumbles: Will $50,000 Hold?

Stay updated on Taiwan’s plan for a central bank digital currency:
Taiwan Sees “No Timetable” for Launching a Digital Currency

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.