German lawmaker and Bitcoin advocate Joana Cotar has referred to as on the federal government to stop its sell-off of Bitcoin. In a letter addressed to members of Germany’s authorities on July 4, Cotar implored officers to “refrain from a hasty disposal of state-owned Bitcoin.” As an alternative, Cotar requested the federal government to embrace the cryptocurrency as a “strategic reserve currency” to mitigate dangers related to the standard monetary system.

Cotar criticized additional sell-offs as “not sensible” and “counterproductive” for Germany’s pursuits. She additionally invited 4 German politicians to attend the “Bitcoin Strategies for Nation States” occasion in October, aiming to influence her friends of Bitcoin’s strategic worth. She argued that Bitcoin might assist Germany diversify its treasury belongings, act as a hedge towards inflation and forex devaluation, and foster innovation throughout the nation.

Since June 19, the German authorities has bought 7,583 Bitcoin, valued at roughly $434.9 million at present costs, in line with cryptocurrency intelligence platform Arkham. The newest sell-off, on July 4, concerned $172 million value of Bitcoin transferred to exchanges reminiscent of Coinbase, Kraken, and Bitstamp. At present, Germany holds 42,274 Bitcoin, value about $2.4 billion.

A part of Cotar’s proposed technique entails establishing a authorized framework to encourage Bitcoin-based innovation and entice high expertise globally. She believes such measures wouldn’t solely safeguard Germany’s monetary future but additionally place it as a frontrunner within the digital forex house.