German Lawmaker Ditches Digital Euro, Advocates Bitcoin As Anti-CBDC Solution

by

As a crypto investor with a background in European politics, I’m closely following the ongoing debate between German lawmaker Joana Cotar and the European Central Bank (ECB) regarding Bitcoin and the proposed digital Euro. Cotar’s strong stance against the digital Euro and her advocacy for Bitcoin resonates with me on multiple levels.

Joana Cotar, an individual representative in the German Parliament, once more championed the cause of Bitcoin (BTC). In a passionate address to her legislative colleagues, she expressed her firm resistance against the European Central Bank (ECB) endeavoring to establish a digital Euro. During her speech, Cotar raised doubts about the relevance and merit of the proposed digital Euro, which was previously suggested by ECB President Christine Lagarde. She emphasized that the justification and advantages of this new currency have yet to be articulately presented.

German Lawmaker Pits Bitcoin Against Digital Euro

Cotar strongly underlined that the desire for a digital Euro is mainly held by the European Central Bank and certain politicians. She also voiced worries about the potential financial hazards associated with this innovative currency. “The assurances the ECB gives regarding privacy are unreliable,” Cotar stated, echoing the prevailing doubt among many.

As a researcher, I’d like to add my critique to the ECB’s reassurances regarding privacy concerns. It’s important to recognize that European lawmakers bear the ultimate responsibility for striking a balance between privacy and policy objectives. I can’t help but feel that authorities are employing a tactic of incrementally expanding surveillance and control, disguised as seemingly harmless initiatives. In conclusion, I urge everyone to delve deeper into the study of Bitcoin and its potential implications for privacy and financial autonomy.

Additionally, Cotar voiced her concerns about digital Euro and CBDCs (Central Bank Digital Currencies) through social media. She uploaded a video of her speech on X and captioned it, “This isn’t just another method of payment we’re talking about. It’s control. The #digitaleEuro represents the road to complete surveillance. A minute of speaking time may not seem significant, but I couldn’t keep quiet on this matter.” #Bitcoin.

Over the past few weeks, the German government has been making moves in the cryptocurrency sector. They now possess around 39,826 Bitcoins, which currently equate to a value of roughly $2.30 billion. This comes after selling over 10,000 BTC from their initial holding of 50,000 BTC, as announced on June 18. Reports suggest that the government disposed of an additional 1,300 Bitcoins to major crypto exchanges on July 4.

German BTC Liquidation

As a blockchain analyst, I’ve uncovered some significant transactions that occurred last Thursday. Specifically, approximately 500 BTC, equivalent to $29.05 million, were transferred from an unknown source to Bitstamp. Similarly, $23.24 million in Bitcoin (around 400 BTC) went to Coinbase, and another $23.24 million (400 BTC) was sent to Kraken. In total, these transactions amounted to nearly $76 million being moved out of Bitcoin circles. This large-scale liquidation coincided with a price drop for Bitcoin below $58,000, fueling concerns about potential additional declines in value.

As a financial analyst, I’ve noticed an intriguing transaction on July 5th. The German government transferred 547 Bitcoin tokens, equivalent to approximately $30 million at the time, into the market. Furthermore, they have been moving Bitcoins to different wallets and sending them to three distinct cryptocurrency exchanges: Kraken, Bitstamp, and Coinbase.

On the same day, they transferred $39.53 million worth of Bitcoin (equivalent to 700 BTC) to a new wallet with the address 139PoP…. This wallet has recently seen large Bitcoin inflows from the government. The following day, as Bitcoin’s price surpassed $56,000 again, the government moved another $40.47 million worth of Bitcoin (equivalent to 700 BTC) to the same wallet address.

Cotar has been vocal about the government’s recent Bitcoin liquidations. Earlier this week, she directed her grievances to CDU Deputy Chairman Michael Kretschmer, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz. Cotar described the government’s actions as “counterproductive” and urged them to hold Bitcoin.

As a researcher examining investment opportunities, I’ve come across Cotar’s perspective that Bitcoin presents a distinct chance for diversification in one’s asset portfolio. She posits that investing in Bitcoin can help minimize risks inherent in conventional investments. In making this comparison, she emphasizes the potential advantages of Bitcoin, providing insights into how it might outperform traditional assets.

Additionally, Cotar extended invitations to these authorities for her forthcoming discourse on October 17. This session will additionally comprise of Bitcoin advocate Samson Mow as a distinguished speaker. Consequently, Cotar remains committed to championing Bitcoin and opposing the digital Euro. Furthermore, she has emerged as a leading figure in the European discussion regarding the future of digital currencies.

Read More

2024-07-07 11:38