German Bundestag member Joana Cotar has passionately advocated for Bitcoin while criticizing the European Central Bank’s (ECB) plans for a digital Euro. Cotar expressed her concerns about the unclear benefits of the proposed initiative.
In a powerful and compelling speech to the German Bundestag, Cotar strongly defended Bitcoin while simultaneously questioning the necessity of a digital Euro. She emphasized that the demand for such a currency, proposed by ECB President Christine Lagarde, is limited and primarily supported by the ECB and a select group of politicians. Cotar also raised concerns about the potential risks associated with the implementation of a new form of currency. “The promises made by the ECB regarding privacy are not trustworthy,” Cotar declared.
Regarding the suggestion of a digital Euro as “deceptive,” Cotar highlighted the responsibility of European lawmakers to strike a balance between privacy and policy objectives. She further expressed her belief that the European Authorities might exploit the digital Euro to gradually increase surveillance and control under the guise of seemingly harmless initiatives. Cotar concluded her speech with a powerful statement: “Study Bitcoin.”
Beyond the walls of the Bundestag, Cotar utilized social media platforms to amplify her stance on the digital Euro. She shared a video of her speech with her followers, emphasizing the potential for increased surveillance and control that accompanies the initiative. Cotar asserted that the digital Euro is not merely about introducing a new means of payment but rather about exerting control. She expressed her concerns about the path to total surveillance that the digital Euro represents.
Cotar’s advocacy for cryptocurrency coincides with a period of significant activity by the German government. The recent sell-off of a wallet labeled “German Government (BKA)” caused a stir within the crypto community. The wallet currently holds 39,826 Bitcoin worth approximately $2.3 billion, following the sale of over 10,000 BTC from their reserve of 50,000 BTC. Additionally, the government reportedly offloaded another 1,300 BTC tokens to major crypto exchanges.
At the time of writing, BTC is experiencing an 8.55% decline in the last week, with a current value of $57,471.06. This decline reflects the impact of the German government’s actions and the Mt Gox repayment plan on the value of Bitcoin.
Cotar’s narrative aligns with that of Chris Wood, Chief Strategist at Jefferies Investment Bank, who advises investors to consider Bitcoin as a long-term hedge against the devaluation of traditional currencies rather than a short-term speculative asset. This perspective reflects the broader trend of Bitcoin’s increasing adoption as a mainstream investment vehicle.
Despite the attention drawn by Germany’s significant sell-off, Cotar’s and Wood’s advocacy for Bitcoin indicates a growing acceptance of Bitcoin and cryptocurrency in general.
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