German Lawmaker Ditches Digital Euro, Advocates Bitcoin As Anti-CBDC Solution

Independent member of the German Bundestag, Joana Cotar, has advocated for Bitcoin (BTC) again. Furthermore, she voiced strong opposition to the European Central Bank’s (ECB) push for a digital Euro. In a speech delivered to the parliament, Cotar questioned the necessity of the digital Euro, which was proposed by ECB President Christine Lagarde. Moreover, she stated that no one has clearly explained its benefits.

German Lawmaker Pits Bitcoin Against Digital Euro

Cotar emphasized that the demand for a digital Euro seems limited to the ECB and a select group of politicians. In addition, she expressed concerns about the financial risks posed by this new form of currency. “The promises that the ECB makes on privacy are not worth the paper they are written on,” Cotar declared, reflecting widespread skepticism.

Cotar further criticized the ECB’s assurances on privacy. Moreover, she noted that the ultimate responsibility for balancing privacy and policy objectives would fall on European lawmakers. “We know your trick,” she said, accusing authorities of gradually increasing surveillance and control under the guise of harmless initiatives. Cotar ended her speech with a call to “Study Bitcoin.”

Furthermore, Cotar took to social media to amplify her message. Sharing a video of her speech on X, she wrote, “It’s not about another means of payment. It’s about control. The #digitaleEuro is the path to total surveillance. A minute of speaking time isn’t much, but I couldn’t remain silent on the topic. #CBDC #Bitcoin.”

In recent weeks, the German government has been active in the crypto market. They currently hold 39,826 Bitcoin valued at approximately $2.30 billion. This follows the offloading of over 10,000 BTC from their reserve of 50,000 BTC, as reported on June 18. On Thursday, July 4, the government allegedly offloaded another 1,300 Bitcoin to major crypto exchanges.

Also Read: German Govt Transfers Another 700 Bitcoin Amid Price Recovery

German BTC Liquidation

Blockchain analytics firm Arkham Intelligence reported that 500 BTC worth $29.05 million went to Bitstamp on Thursday. Similarly, 400 BTC worth $23.24 million were transferred to Coinbase, and another 400 BTC to Kraken. In total, the government offloaded nearly $76 million worth of Bitcoin. This massive liquidation coincided with a drop in Bitcoin’s price below $58,000, raising concerns about a further dip.

On July 5, the German government sent 547 BTC valued at $30 million to the market maker Flow Traders. Additionally, they have been moving Bitcoins to various BTC wallets and sending them to three crypto exchanges – Kraken, Bitstamp, and Coinbase.

On the same day, they moved 700 BTC worth $39.53 million to a new wallet address, 139PoP…, which has recently received significant amounts of Bitcoin from the government. Moreover, the following day, as Bitcoin’s price rebounded past $56,000, the government shifted another 700 BTC worth $40.47 million to the same address.

Cotar has been vocal about the government’s recent Bitcoin liquidations. Earlier this week, she directed her grievances to CDU Deputy Chairman Michael Kretschmer, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz. Cotar described the government’s actions as “counterproductive” and urged them to hold Bitcoin.

Cotar believes that Bitcoin offers a unique opportunity for investors to diversify their assets. She argued that Bitcoin could mitigate the risks associated with traditional investments. She compared Bitcoin’s capabilities to those of traditional assets, highlighting its potential benefits.

Moreover, Cotar also invited these officials to attend her upcoming lecture on October 17. The event will also feature Bitcoin maximalist Samson Mow as a guest speaker. Hence, Cotar is determined to continue advocating for Bitcoin and against the digital Euro. Moreover, she positioned herself as a prominent voice in the debate over the future of digital currencies in Europe.

Also Read: Bitcoin Maxi Hints What Comes Next After Germany, Mt Gox Selloff

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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