German Bundestag member Joana Cotar has passionately expressed her support for Bitcoin while criticizing the European Central Bank’s (ECB) plans for a digital Euro. In a compelling speech delivered to the Bundestag, Cotar questioned the necessity of a digital Euro and highlighted the unclear benefits of such an initiative.
Cotar emphasized that the demand for a digital Euro, proposed by ECB President Christine Lagarde, was limited and supported primarily by the ECB and a select group of politicians. She also raised concerns about the potential risks associated with the introduction of a new form of currency. Cotar declared that the ECB’s promises regarding privacy were not trustworthy.
Referring to the suggestion of a digital Euro as “trickery,” Cotar pointed out that it would be the responsibility of European lawmakers to strike a balance between privacy and policy objectives. She further suggested that the European authorities might exploit the digital Euro as a means to gradually increase surveillance and control under the guise of seemingly harmless initiatives. Cotar concluded her speech by encouraging the study of Bitcoin.
Beyond the Bundestag, Cotar shared a video of her speech on her social media platforms to amplify her stance on the digital Euro. She highlighted the potential for increased surveillance and control that could accompany the initiative, emphasizing that it was not just about another means of payment but about control.
Cotar’s advocacy for cryptocurrency comes at a time when the German government is actively involved in the crypto space. The recent sell-off of a significant amount of Bitcoin by the German government has attracted attention from the crypto community. Currently, the government holds approximately $2.3 billion worth of Bitcoin in a labeled wallet, following the sale of over 10,000 BTC from their reserve. Furthermore, the government allegedly sold another 1,300 BTC tokens to major crypto exchanges this month.
Cotar’s narrative aligns with Chris Wood, Chief Strategist at Jefferies Investment Bank, who advises investors to view Bitcoin as a long-term hedge against the devaluation of traditional currencies. This perspective reflects the increasing adoption of Bitcoin as a mainstream investment vehicle.
Despite the German government’s sell-off raising concerns, Cotar and Wood’s advocacy for Bitcoin indicates a growing acceptance of cryptocurrency in Germany and beyond.