German Lawmaker Advocates Bitcoin, Criticizes ECB’s Digital Euro Plans

• German Bundestag member Joana Cotar has shown tenacity in advocating for Bitcoin while criticizing the ECB’s plans for a digital Euro.
• Cotar explained how the proposed initiative benefits were unclear.

In a powerful tone, Joana Cotar, an independent member of the German Bundestag, strongly advocated for Bitcoin while simultaneously criticizing the European Central Bank’s (ECB) plans for a digital Euro. 

Delivering her compelling speech to the German Bundestag, Cotar heavily questioned the need for a Digital Euro while the alleged benefits remain obscure. 

German lawmaker Joana Cotar rejects digital Euro, advocates #Bitcoin as anti-CBDC solution. Cotar questions necessity of ECB's digital currency, citing privacy concerns and calls for Bitcoin adoption. German gov't recently liquidated $76M in BTC. pic.twitter.com/OFRguOWfnO

— Collin Brown (@CollinBrownXRP) July 7, 2024

Cotar stressed that the demand for such a currency which was proposed by ECB President Christine Lagarde is limited and upheld by the ECB and a select group of politicians. Additionally, Cotar raised concerns about the risks that would follow pursuit if the new form of currency came into effect. “The promises that the ECB makes on privacy are not worth the paper they are written on,” Cotar declared.

Cotar, on what she termed the suggestion of the new form of currency as “trickery” pointed out that the responsibility for striking a balance between privacy and policy objectives would ultimately fall on European lawmakers. She further proceeded to state that the  European Authorities might use the digital Euro as a means to slowly increase surveillance and control under seemingly mild initiatives. Notably, in slick style, Cotar ended her speech by stating “Study Bitcoin.”

Taking her speech beyond the walls of the Bundestag, Cotar took to her X disciples sharing a video of her speech to amplify her stand on the digital EURO. Cotar highlighted the potential for increased surveillance and control that tags along with the initiative. “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.”Cotar wrote.

German’s Divided Interest in Bitcoin

Cotar’s advocacy for cryptocurrency comes at a time when the German government is highly active. As earlier reported on Crypto News Flash, a wallet labeled “German Government (BKA)” sparked a frenzy among the crypto community with its substantial sell-off. Currently, the wallet holds 39,826 Bitcoin valued at approximately $2.3 billion, following the offloading of over 10,000 BTC from their reserve of 50,000 BTC. Additionally, this month, the government allegedly offloaded another 1,300 BTC tokens to major crypto exchanges including Bitstamp, Coinbase, and Kraken.

At the time of writing, BTC is changing hands at $57,471.06 representing an 8.55% decline in the last week. Suggesting the impact the German government and the Mt Gox repayment plan have had on digital gold.

Joana Cotar’s narrative aligns with Chris Wood’s narrative who is Chief Strategist at Jefferies Investment Bank. Wood took the stage to advise investors to view Bitcoin as a long-term hedge against the devaluation of traditional currencies, rather than a short-term speculative asset. This perspective aligns with the broader narrative of Bitcoin’s increasing adoption as a mainstream investment vehicle.

Despite Germany’s major sell-off raising eyebrows, Cotar and Woods’ advocacy for Bitcoin suggests a growing acceptance of Bitcoin and cryptocurrency at large.