Federal Parliament member Joana Cotar strongly criticized the recent decision by the German government to sell off a large amount of BTC holdings. The German government recently transferred over $195 million worth of BTC to various cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp. This action exacerbated market fluctuations, leading to significant volatility in BTC prices. Critics believe that such a large-scale liquidation by the government could have long-term negative effects on the stability of the cryptocurrency market.
The assets sold in this instance were seized during a high-profile investigation into the illegal movie streaming website Movie2k.to, which saw the confiscation of around 50,000 BTC, now valued at over $3 billion. The government continues to liquidate assets seized in other prominent cases, sparking controversy and discussions both domestically and internationally.
In a series of tweets, Cotar condemned the government’s move and contrasted it with discussions in the United States, where BTC is seen as a strategic reserve currency. She expressed her concerns to Saxony’s Minister, Governor Michael Kretschmer, Finance Minister Christian Lindner, and Governor Olaf Scholz, urging them to reconsider this strategy. She emphasized the potential backlash of such actions and invited officials to attend a lecture event titled “National BTC Strategy” on October 17.
Samson Mow, CEO of JAN3 and a renowned BTC strategist, will also be present at this event. The focus of the discussion will be on how policymakers can use BTC to promote their country’s economy. Mow is expected to share insights on the potential benefits of holding BTC as part of a national financial strategy, a topic gaining increasing global attention.
The event will also delve into issuing government bonds backed by BTC to attract a new class of investors interested in fixed-income securities priced in BTC. Mow stated that these bonds could provide a stable source of funding for critical infrastructure projects, stimulating economic growth and innovation.
This event, similar to El Salvador’s move to adopt BTC as a legal tender in 2021, highlights the potential of such initiatives to drive economic transformation. Mow has previously advised governments such as El Salvador and Mexico, adding credibility to his recommendations.
