[2024-07-05] German MP Criticizes Bitcoin Sales, ...

[chmod755]

German MP Criticizes Bitcoin Sales, Urges Government to Hold BTC as Reserve Asset

A German parliament member, Joana Cotar, has criticized the government’s decision to sell seized bitcoin on a large scale, advocating for the cryptocurrency’s use as a strategic reserve. She invited key political figures, including Chancellor Olaf Scholz, to a lecture on bitcoin’s advantages for nation-states, aiming to shift policy toward embracing cryptocurrency as a reserve asset

German MP Wants Government to Hold Bitcoin as Reserve Asset

Joana Cotar, a member of the German Bundestag, expressed her concerns on social media platform X about the German government’s decision to sell bitcoin rather than holding it as a strategic reserve currency on Thursday. The Bundestag, Germany’s federal parliament, is responsible for passing laws and overseeing the government.

Cotar highlighted the potential benefits of maintaining bitcoin as a reserve, suggesting that selling BTC on a large scale is not only unsensible but also counterproductive. She added that she reached out to key political figures, including MP Michael Kretschmer, Christian Lindner, and Chancellor Olaf Scholz, to inform them of her stance.

Cotar also invited them to an upcoming lecture event titled “Bitcoin Strategies for Nation States,” featuring bitcoin advocate Samson Mow as the speaker. This event is scheduled for Oct. 17 at the Paul-Löbe-Haus in Berlin, Germany. By hosting this lecture, Cotar aims to foster a deeper understanding of the strategic advantages that bitcoin can offer to nation-states, encouraging a shift in governmental policy toward embracing cryptocurrency as a reserve asset.

The German government has been selling large amounts of seized bitcoin, recently liquidating up to $175 million worth on Thursday, according to blockchain intelligence firm Arkham. However, the government still has over 40,000 BTC valued at $2.3 billion. These German government sales coincide with the anticipated Mt. Gox bitcoin distributions, which have put pressure on bitcoin’s price. The cryptocurrency is currently trading at $55,724.

Source: https://news.bitcoin.com/german-mp-criticizes-bitcoin-sales-urges-government-to-hold-btc-as-reserve-asset/

I disagree with her. Governments shouldn't have crypto reserves.

[Penis]

I will never understand why governments continue to sell BTC (an asset with finite quantity that has the potential to become the world's reserve currency) for pieces of paper they can just print themselves whenever they want. Back in 2014, the US government sold the former Silk Road coins for $600 each. I bet they regret that decision now. El Salvador seems to be the only government that realizes this.

Ultimately, governments selling BTC is good for Bitcoin and society because it means that wealth (real wealth and not fiat wealth that can be inflated and confiscated at will) gets distributed more widely rather than being hoarded and controlled by governments.

[cr1776]

It is idiotic for them to sell, but what do you expect from people who profit from inflation and skimming huge sums off their populous every year?

[chmod755]

Ultimately, governments selling BTC is good for Bitcoin and society because it means that wealth (real wealth and not fiat wealth that can be inflated and confiscated at will) gets distributed more widely rather than being hoarded and controlled by governments.

This.

pieces of paper they can just print themselves whenever they want.

They can print more but that reduces the value of their currency.