Emily Walker
Joana Cotar, a member of Germany’s Bundestag and a passionate supporter of Bitcoin (BTC), is opposing the government’s recent choice to offload its Bitcoin assets.
After witnessing the sale of around 50,000 confiscated Bitcoin earlier in the year, Cotar is advocating for the establishment of a dedicated Bitcoin reserve for Germany.
Could BTC Shape Europe’s Political Landscape?
In a recent interview with Bitcoin Magazine, Cotar conveyed her view that Bitcoin could emerge as a vital political force across Europe. She is focused on educating her colleagues about the advantages of Bitcoin adoption.
Cotar has launched several educational initiatives, such as a specialized website, a newsletter, and parliamentary events that feature cryptocurrency experts.
According to Cotar, these efforts have sparked interest among other parliamentarians, reflecting a growing desire to understand how Bitcoin might strengthen Germany’s financial framework.
When addressing the obstacles hindering Bitcoin adoption in European governments, Cotar pointed out a dominant sense of apprehension. She remarked that there is often a reluctance to embrace new concepts and technologies, with governments prioritizing regulatory concerns and perceived risks over innovative opportunities.
In her interview, Cotar referred to Bitcoin as the “freedom currency” and a “tool for liberation,” underscoring its importance in a time when many individuals endure oppression under authoritarian regimes. She believes Bitcoin provides a means for people to voice their opinions and assert their liberties in ways that traditional financial systems might restrict.
Cotar’s Vision for Bitcoin as a National Asset
Reflecting on the German government’s decision to dispose of its BTC holdings, Cotar labeled it as a significant error. She has previously voiced her concerns to the Minister of Finance and the Chancellor, promoting the idea of a unified Bitcoin strategy instead of asset sales.
“Germany needs a Bitcoin strategy,” stressed Cotar, advocating for legislative changes that would allow the preservation of confiscated BTC as a national reserve instead of liquidating it.
While she acknowledged the possibility of BTC becoming legal tender—similar to El Salvador—Cotar conceded that such an initiative is unlikely to occur in Germany anytime soon.
Instead, she suggested alternative measures for Bitcoin integration, including categorizing it as a federal reserve asset and using it as a hedge against inflation. She also highlighted the potential for Bitcoin mining as another way to incorporate it into Germany’s economy.
As of the latest update, Bitcoin has climbed back to the $93,120 mark after dipping to $91,000 recently, experiencing a nearly 7% loss over the past week.
Featured image from DALL-E, chart from TradingView.com