A German MP has urged the government to ‘hastily’ stop selling bitcoins
German lawmaker and Bitcoin activist Joanna Kottar has urged the government to “hastily” end the sale of Bitcoin and use it as a “strategic reserve currency” to protect against risks in the traditional system.
“[I] We urge you to refrain from hastily removing state-owned Bitcoin,” a Bitcoin (BTC)-friendly politician wrote to German government officials on July 4.
Kotar said Bitcoin could help Germany diversify its treasury assets, prevent inflation and currency depreciation, and spur innovation in the country.
Selling more is not “sensible” and “disgusting” for the country, said Kottar, who also used the letter to invite four German politicians to a “Bitcoin Strategies for Nation States” event in October 2023. Her peers.
The German government has now sold 7,583 bitcoins — worth $434.9 million at current prices — since June 19, according to cryptocurrency intelligence platform Arkham Intelligence.
The most recent transaction worth $172 million was seen on July 4th in cryptocurrency exchanges Coinbase, Kraken and Bitstamp.
Germany now holds only 42,274 bitcoins worth $2.4 billion in all its wallets.
Kotar wants the wholesale to stop now, stressing that Bitcoin will strengthen the country's economic independence and increase its resilience to external financial instability.
“Instead of diving in, I recommend developing a comprehensive Bitcoin strategy. This could include placing Bitcoin in government treasuries, issuing Bitcoin bonds or creating a favorable regulatory environment, Kotar said in a translated statement.
Part of that Bitcoin strategy includes developing a legal framework to promote Bitcoin-based innovation and attract top talent around the world.
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The German government has not confirmed whether it intends to sell the rest of its Bitcoin.
Tron founder Justin Sun recently offered to buy the country's $2.300 worth of bitcoins to reduce the impact on the market.
However, Germany's continued Bitcoin sales and Mt. Gox's $9 billion plan to compensate creditors is credited for Bitcoin's recent price decline.
Bitcoin is currently trading at $57,810, down 6% over the past week and 18% over the past month.
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