German MP Cotar Advocates Bitcoin Against Digital Euro Push

Key Insights:

• Joana Cotar challenges the digital Euro, advocating for greater privacy and reduced governmental control of financial transactions.
• The German government’s recent Bitcoin liquidations prompt Joana Cotar to criticize their strategy and push for holding Bitcoin.
• Joana Cotar’s advocacy for Bitcoin highlights the growing debate over digital currencies and their future in Europe.

German lawmaker Joana Cotar has publicly opposed developing a digital Euro, advocating for Bitcoin (BTC) as an alternative. In a recent speech to the German Bundestag, Cotar voiced her concerns regarding the potential risks and privacy issues associated with the digital Euro proposed by European Central Bank (ECB) President Christine Lagarde. Cotar’s strong anti-CBDC stance has positioned her as a prominent voice in the ongoing debate over European digital currencies.

During her parliamentary speech, Joana Cotar questioned the necessity of introducing a digital Euro, suggesting that its demand is limited to the ECB and a select group of politicians. She highlighted the need for clearer explanations regarding its benefits, raising doubts about the motivations behind its development. Cotar expressed her skepticism about the ECB’s promises on privacy, stating that such assurances are “not worth the paper they are written on.”

Cotar further criticized the ECB’s ability to balance privacy with policy objectives, suggesting that the responsibility would ultimately fall on European lawmakers. She accused authorities of gradually using seemingly harmless initiatives to increase surveillance and control. In her speech, Cotar called on her colleagues to “Study Bitcoin,” advocating for a deeper understanding of the cryptocurrency as an alternative to the proposed digital Euro.

Cotar Amplifies Her Message on Social Media

Joana Cotar has also taken to social media to reinforce her anti-CBDC stance. Sharing a video of her parliamentary speech on X, she emphasized that the digital Euro is more about control than providing an additional means of payment. She warned that the digital Euro could pave the way to total surveillance, a concern that resonates with many who are wary of increased governmental oversight in financial transactions.

Cotar’s social media post further underlined her opposition to the digital Euro: “A minute of speaking time isn’t much, but I couldn’t remain silent on the topic. #CBDC #Bitcoin.” Her use of hashtags underscores her advocacy for Bitcoin and her ongoing campaign against central bank digital currencies (CBDCs).

German Government’s Bitcoin Holdings and Recent Liquidations

The German government has been actively managing its substantial Bitcoin holdings in recent weeks. Currently, the government holds 39,826 Bitcoin, valued at approximately $2.30 billion. This follows the sale of over 10,000 BTC from an initial reserve of 50,000 BTC, as reported on June 18. On July 4, the government allegedly offloaded another 1,300 Bitcoin to major crypto exchanges, raising concerns about the potential impact on Bitcoin’s price.

Blockchain analytics firm Arkham Intelligence reported that 500 BTC worth $29.05 million were transferred to Bitstamp, 400 BTC worth $23.24 million to Coinbase, and another 400 BTC to Kraken. This significant liquidation coincided with a drop in Bitcoin’s price below $58,000, raising further concerns about market stability.

Cotar Criticizes Government’s Bitcoin Strategy

Joana Cotar has been vocal about the German government’s recent Bitcoin liquidations, describing their actions as “counterproductive.” She criticized CDU Deputy Chairman Michael Kretschmer, Federal Minister of Finance Christian Lindner, and Chancellor Olaf Scholz. Cotar urged the government to hold onto Bitcoin, arguing that it offers a unique opportunity for investors to diversify their assets and mitigate risks associated with traditional investments.

Cotar also invited these officials to attend her upcoming lecture on October 17, featuring Bitcoin maximalist Samson Mow as a guest speaker. This event is part of Cotar’s ongoing efforts to promote Bitcoin and oppose the digital Euro. Through her advocacy, Cotar has established herself as a key figure in the debate over the future of digital currencies in Europe.

Joana Cotar’s strong stance against the digital Euro and her advocacy for Bitcoin highlight the growing debate over digital currencies in Europe. As the ECB continues to push for the development of a digital Euro, Cotar’s concerns about privacy, surveillance, and financial risks resonate with a segment of the population wary of increased governmental control.

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