In a report by Coin World Network, sourced from Blockchain Knight, Federal Parliament member Joana Cotar has vehemently criticized the German government’s recent decision to sell a significant amount of BTC it held. The German government has recently transferred BTC valued at over $195 million to various crypto asset exchanges, including Coinbase, Kraken, and Bitstamp. This move has intensified market volatility, with noticeable fluctuations in BTC prices. Critics argue that such large-scale liquidation by the government could have long-term negative effects on the stability of the crypto asset market.
The assets sold were confiscated during a high-profile investigation of the illegal movie streaming website Movie2k.to, which resulted in the seizure of approximately 50,000 BTC, currently valued at over $3 billion. The government continues to liquidate assets seized in a highly publicized case, and this sale has sparked controversy and discussion both within Germany and internationally.
In a series of tweets, Cotar condemned the government’s action and compared it to discussions in the United States, where BTC is considered a strategic reserve currency. She expressed her concerns to Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Chancellor Olaf Scholz, urging them to reconsider this strategy. She highlighted the counterproductive nature of this practice and invited officials to attend an upcoming lecture event titled “The National BTC Strategy” on October 17th.
The CEO of JAN3, renowned BTC strategist Samson Mow, will also be present at the event. The focus of the discussion will be on how policymakers can leverage BTC to boost their national economies. Mow is expected to share insights on the potential benefits of holding BTC as part of a national financial strategy, a topic that is gaining increasing global attention.
The event will also discuss the issuance of BTC-backed government bonds to attract a new class of investors interested in fixed-income securities priced in BTC. Mow suggests that these bonds could provide a stable source of funding for critical infrastructure projects, stimulating economic growth and innovation. This initiative mirrors El Salvador’s pioneering move in 2021 to adopt BTC as legal tender, highlighting the potential of similar measures to drive economic transformation.
Mow, who has consulted for governments of countries like El Salvador and Mexico, lends credibility to his recommendations with his experience.