German MP Champions Bitcoin Strategy Amid Sell-Off Mess

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

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  • German MP Joana Cotar has called for a clear Bitcoin strategy.
  • The politician first called out the governmentโ€™s โ€œsenselessโ€ 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 governmentโ€™s decision to sell confiscated Bitcoin worth hundreds of millions.

Cotarโ€™s latest criticism comes after the politician slammed the governmentโ€™s move on July 4 as โ€œsenselessโ€ and โ€œcounterproductive.โ€ 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 โ€œwas or is awareโ€ of the consequences of its recent massive Bitcoin sales.

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โ€œI 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,โ€ 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 treasuryโ€™s strategic reserve currency.

โ€œI 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.โ€ Cotar added.

While the German government has yet to address the matter officially, Cotarโ€™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.

Read this article to learn more about the Bitcoin โ€œbull runโ€:
Bitcoin Bull Run Stumbles: Will $50,000 Hold?

Stay updated on Taiwanโ€™s plan for a central bank digital currency:
Taiwan Sees โ€œNo Timetableโ€ 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 is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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