Bitcoin

German MP Wants Government to Stop Selling Its Bitcoin Stash

1 Mins read

Joana Cotar, a German member of parliament and Bitcoin activist, urged the government to stop offloading its bitcoin stash. Its continued selling has affected the asset’s price, causing it to slowly lose value in June and record a massive single-day drop to below $54,000 on July 5. Bitcoin’s price was above $60,000 two days prior. The German-related wallet labeled “German Government (BKA)” moved $172 million worth of bitcoin on July 4.

Of course, other factors influenced bitcoin to drop and was not the sole consequence of the German government selling its assets. Mt. Gox commencing its repayment process to creditors on July 4 was another major reason.

Cotar voiced reasons why the government must hold its bitcoin beyond the selling, causing declining prices for the asset. She insisted that keeping bitcoin in the government reserve will ensure diversification of its reserve, offer a hedge against inflation and currency devaluation, and legitimize crypto in the country, fostering innovation within its borders.

She stated all this in an X post, calling upon three other legislators to attend the “Bitcoin Strategies for Nation States” lecture in October 2024 to understand the importance of the largest cryptocurrency.

The translated version of the post reads, “Instead of holding #Bitcoin as a strategic reserve currency, as is already being debated in the US, is being sold by our government on a grand scale. I have @MPKretschmer, @c_lindner & @Bundeskanzler @OlafScholz informed about why this is not only not sensible, but counterproductive, and why this is part of our lecture event with Samson Mow (@Excellion) “Bitcoin Strategies for Nation-States” on October 17 at the Paul-Löbe-Haus.”

Germany has thus far moved less than 20% of the bitcoin it holds—it apparently seized 50,000 bitcoin from Movie2K, a piracy website. It is uncertain if the government will move its remaining holdings in their entirety, but possibly can. Tron’s Justin Sun recently stated that he would be interested in buying the entire bitcoin stash off-market to prevent bitcoin from dropping in value.

Image by Walter Knerr from Pixabay


Source link

Related posts
Bitcoin

BREAKING: Donald Trump Eyes JPMorgan CEO For Treasury, Citing Change In Bitcoin Stance

1 Mins read
Former US President Donald Trump has revealed that JPMorgan CEO Jamie Dimon, a well-known skeptic of Bitcoin and cryptocurrencies, has apparently “changed…
Bitcoin

XRP Skyrockets 40% As Speculation Of Ripple-SEC Settlement Gains Momentum

2 Mins read
XRP, at the center of a high-stakes legal battle with significant implications for the industry, has taken the lead in the recent…
Bitcoin

A Zero-Knowledge Proof Is Verified on Bitcoin For The First Time in History

5 Mins read
Earlier this year, Weikeng Chen and his partners at venture firm L2 Iterative decided to shift their attention to the bubbling Bitcoin…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *