Joana Cotar, a prominent member of the German Bundestag and a staunch supporter of Bitcoin, is standing firm against the government’s recent decision to sell off its Bitcoin assets. Earlier this year, around 50,000 Bitcoin that had been confiscated were sold, and Cotar is now advocating for Germany to set up a strategic Bitcoin reserve.
BTC: A Political Catalyst in Europe?
In a conversation with Bitcoin Magazine, Cotar expressed her conviction that Bitcoin could play a significant political role across Europe. Her mission is to enlighten her fellow politicians about the potential benefits of embracing Bitcoin. To further this goal, Cotar has been leading several educational initiatives. She’s launched a dedicated website and newsletter, and she’s organizing events in parliament featuring cryptocurrency specialists.
These efforts have piqued the curiosity of other lawmakers, suggesting a budding interest in how Bitcoin could strengthen Germany’s financial landscape. When talking about the primary hurdles for Bitcoin adoption in European governments, Cotar pointed out a prevailing sense of apprehension. She observed that there’s often a conservative approach to new technologies, with governments tending to prioritize regulatory concerns and perceived risks over innovation opportunities.
During the interview, Cotar also described Bitcoin as a "freedom currency" and a "tool for liberation," highlighting its importance in a world where many people are oppressed by authoritarian regimes. She believes Bitcoin provides a platform for individuals to voice their opinions and assert their freedoms, in ways that conventional financial systems might not permit.
Cotar’s Vision for Bitcoin as a Federal Reserve Asset
Reflecting on the German government’s choice to dispose of its Bitcoin holdings, Cotar deemed it as a major oversight. She had previously shared her apprehensions with the Minister of Finance and the Chancellor, advocating for a comprehensive Bitcoin strategy rather than just selling these assets.
"Germany needs a Bitcoin strategy," Cotar insisted, emphasizing that legislative adjustments are necessary to hold onto confiscated Bitcoin as a national reserve instead of liquidating them.
While she acknowledges the potential for Bitcoin to be accepted as legal tender, akin to El Salvador, Cotar understands that such a shift isn’t likely for Germany anytime soon. Instead, she suggested alternative approaches for incorporating Bitcoin, like recognizing it as a federal reserve asset and using it as a hedge against inflation. She also entertained the possibility of Bitcoin mining as a way to integrate it into Germany’s economy.
Presently, Bitcoin is rebounding to the $93,120 mark, after briefly slipping to $91,000 earlier this week, having faced almost a 7% decline over the past week.
