German Lawmaker Criticizes Governments Bitcoin Selling Strategy Advocates HODLing

Coin Realm reports:
German parliament member and Bitcoin advocate Joana Cotar calls for the government to stop the rapid sell-off of Bitcoin.
Cotar believes that Bitcoin is neither “wise” nor “effective,” and considers Bitcoin should be used as a strategic reserve currency to prevent economic instability.
Joana Cotar criticizes German Bitcoin sell-off
In a post on July 4th, Cotar expressed her concerns about the government’s current strategy, stating, “Our government is massively selling off Bitcoin, instead of using Bitcoin as a strategic reserve currency as is already being discussed in the United States.”
Statt# Bitcoin is a strategic reserve, controversial in the United States, controversial in Regierung im großen Stil. I have informed @MPKretschmer, @clindner, and @Bundeskanzler @Olaf Scholz darüber, why this is not only not sensible, but… pic.twitter.com/v9FpzmfLbp — Joana Cotar (@JoanaCotar) July 4, 2024
Cotar emphasizes that the further sell-off of Bitcoin is neither “wise” nor “effective,” and highlights Bitcoin as a valuable asset for national financial diversification. She also points out that holding Bitcoin helps to hedge against inflation and currency devaluation.
Data from the cryptocurrency intelligence platform Arkham shows that in the past month, the German government sold 8,611 Bitcoins, with a net portfolio change of -820 million dollars at current prices. After these sales, Germany currently holds 41,226 BTC, valued at approximately 2.28 billion dollars.
German government’s Bitcoin sales and Mt.Gox payments
Recent reports by CryptoPotato indicate that the German government transferred about 1,300 coins to centralized exchanges such as Coinbase, Kraken, and Bitstamp, valued at approximately 75 million dollars.
On June 19th, a wallet associated with the German Federal Criminal Police Office (BKA) first sparked suspicions of Bitcoin sales. This wallet transferred 6,500 coins, valued at over 425 million dollars at the time.
These assets were confiscated in 2013 when the BKA seized nearly 50,000 BTC from the operators of the well-known movie piracy website Movie2k.to.
Meanwhile, TRON blockchain founder Justin Sun recently joked that he is prepared to negotiate with the German government to acquire all over-the-counter BTC. Sun stated on X: “I am ready to negotiate with the German government to acquire all over-the-counter BTC.”
The ongoing Bitcoin sales by the German government are not the only factor affecting the cryptocurrency market. It is expected that 9 billion dollars in compensation will be paid to creditors of the defunct cryptocurrency exchange Mt.Gox, which is also related to the recent decline in Bitcoin prices.
The value of Bitcoin has fallen below 55,000 dollars, the highest level since February. Previously, it was reported that Mt.Gox transferred about 47,000 Bitcoins (valued at approximately 2.7 billion dollars) to a new wallet before payment.