{"id":9921,"date":"2024-07-06T04:41:53","date_gmt":"2024-07-06T04:41:53","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=9921"},"modified":"2024-07-06T04:41:56","modified_gmt":"2024-07-06T04:41:56","slug":"joana-cotar-urges-germany-to-halt-bitcoin-sales","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/joana-cotar-urges-germany-to-halt-bitcoin-sales\/","title":{"rendered":"Joana Cotar Urges Germany to Halt Bitcoin Sales"},"content":{"rendered":"\n<p>Bitcoin advocate Joana Cotar has called on the German government to stop its rapid Bitcoin sales and consider using the cryptocurrency as a strategic reserve currency. In a letter to government officials on July 4, Cotar argued that Bitcoin could diversify Germany\u2019s treasury assets, hedge against inflation and currency devaluation, and foster innovation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Case Against Rapid Bitcoin Sales<\/h3>\n\n\n\n<p>Since June 19, the German government has sold 7,583 Bitcoin, valued at $434.9 million, according to Arkham, a cryptocurrency intelligence platform. The latest sale on July 4 involved transferring $172 million worth of Bitcoin to exchanges like Coinbase, Kraken, and Bitstamp. Despite these sales, Germany still holds 42,274 Bitcoin, worth approximately $2.4 billion.<\/p>\n\n\n\n<p>Cotar criticized these sales as \u201ccounterproductive\u201d and emphasized that halting the mass sell-off could strengthen Germany\u2019s economic independence and resilience. She proposed a comprehensive Bitcoin strategy that includes keeping Bitcoin in the state treasury, issuing Bitcoin bonds, and creating a supportive regulatory environment. Such measures, Cotar suggested, could attract top talent and promote Bitcoin-based innovation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Invitation to \u201cBitcoin Strategies for Nation States\u201d<\/h3>\n\n\n\n<p>Cotar invited four German politicians to the \u201cBitcoin Strategies for Nation States\u201d event in October, where they will discuss the potential benefits of using Bitcoin as a strategic reserve currency. She believes that a well-thought-out Bitcoin strategy could help Germany hedge against economic uncertainties and promote technological advancement.<\/p>\n\n\n\n<p>Also Read: <a href=\"https:\/\/www.cryptometer.io\/news\/bitcoin-to-hit-100000-standard-chartereds-2024-prediction\/\">Bitcoin to Hit $100,000? Standard Chartered\u2019s 2024 Prediction<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Reactions and Future Plans<\/h3>\n\n\n\n<p>The German government has not confirmed whether it will continue selling its Bitcoin holdings. However, Tron founder Justin Sun has offered to buy Germany\u2019s $2.3 billion worth of Bitcoin to minimize market impact. This offer comes as Bitcoin faces a price slump, with the cryptocurrency currently trading at $57,810, down 6% over the last week and 18% over the last month.<\/p>\n\n\n\n<p>Germany\u2019s Bitcoin sell-off and the Mt. Gox reimbursement plan, which involves distributing $9 billion worth of Bitcoin to creditors, have been linked to the recent decline in Bitcoin prices. Cotar argues that halting rapid Bitcoin sales and using it as a strategic reserve could mitigate these impacts and offer long-term benefits to Germany\u2019s economy.<\/p>\n\n\n\n<p>Joana Cotar\u2019s appeal to the German government underscores the potential of Bitcoin as a strategic asset. By adopting a comprehensive Bitcoin strategy, Germany could enhance its economic resilience, hedge against financial risks, and lead in innovation. The upcoming \u201cBitcoin Strategies for Nation States\u201d event in October may provide a platform for further discussion and potential policy shifts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin advocate Joana Cotar has called on the German government to stop its rapid Bitcoin sales and consider using the cryptocurrency as a strategic reserve currency. In a letter to government officials on July 4, Cotar argued that Bitcoin could diversify Germany\u2019s treasury assets, hedge against inflation and currency devaluation, and foster innovation. The Case [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":9922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,43],"tags":[],"class_list":{"0":"post-9921","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Joana Cotar Urges Germany to Halt Bitcoin Sales<\/title>\n<meta name=\"description\" content=\"Bitcoin advocate Joana Cotar has called on the German government to stop its rapid Bitcoin sales and consider using the cryptocurrency as a strategic\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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