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German MP Urges Government to Stop Selling Bitcoin
Alex Dobnya
Can You Please Stop Selling? A German MP Urged the Government to Hold Bitcoin
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Joana Cotar, an independent member of the Bundestag, has solicited The government must end its Bitcoin sell-off.
Cotar informed Michael Kretschmer, one of the CDU vice-chairmen, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz that this was “counterproductive.” He invited them to his conference with Bitcoin evangelist Samson Mow, scheduled for October 17.
In her letter, the congresswoman argues that the largest cryptocurrency offers a “unique opportunity” for asset diversification. It can mitigate the risks associated with excessive exposure to traditional asset classes.
According to Cotar, Bitcoin can also act as a hedge against inflation and currency devaluation due to its scarcity.
Furthermore, the pro-Bitcoin lawmaker noted that the leading cryptocurrency could also promote innovation, economic sovereignty and technical progress.
In 2023, Cotar also introduced a bill that would make the leading cryptocurrency legal tender in Germany, following El Salvador’s example.
AS reported by U.TodayThe German government triggered a major sell-off last month, moving hundreds of millions of dollars worth of BTC into the stock market. This bearish factor likely contributed to Bitcoin’s underperformance.
The German government became a major holder of the leading cryptocurrency after cracking down on Movie2k.to, a popular piracy website, more than a decade ago.
Earlier today, PeckShieldAlert reported that the German government had transferred another 1.3K BTC to exchanges, amplifying the selling pressure. Meanwhile, the price of Bitcoin recently crashed to $56,836.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.