German MP Urges Government to Stop Selling Bitcoin

Joana Cotar, an independent member of the Bundestag, has urged the government to stop its Bitcoin selling spree.

Cotar has informed Michael Kretschmer, one of the deputy chairs of the CDU, Christian Lindner, the Federal Minister of Finance, as well as Chancellor Olaf Scholz that this is "counterproductive." She has invited them to her lecture with Bitcoin evangelist Samson Mow that is scheduled to take place on Oct. 17.

In her letter, the MP argues that the largest cryptocurrency offers "a unique opportunity" for asset diversification. It is capable of mitigating risks that are related to having excessive exposure to traditional asset classes.

Bitcoin can also act as a hedge against inflation and currency devaluation due to its scarcity, according to Cotar.

Moreover, the pro-Bitcoin MP has noted that the leading cryptocurrency could also promote innovation, economic sovereignty as well as technical progress.

In 2023, Cotar also introduced a bill that would make the flagship cryptocurrency legal tender in Germany, following the lead of El Salvador.

As reported by U.Today, the German government went on a major selling spree last month, moving hundreds of millions of dollars worth of $BTC to exchange. This bearish factor likely contributed to Bitcoin's underperformance.

The German government became one of the largest holders of the flagship cryptocurrency following its crackdown 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 selling pressure. Meanwhile, the price of Bitcoin recently crashed to $56,836.