As a long-term crypto investor with a keen interest in global financial policies, I’ve been closely following the recent developments surrounding the German government’s Bitcoin selling spree. The actions taken by Joana Cotar, an independent member of the Bundestag, have caught my attention, as she has voiced her concerns over this counterproductive move.
Independent parliamentarian Joana Cotar from the Bundestag has called upon the government to halt its continuous sale of Bitcoins.
As a researcher, I’ve expressed my concern to Michael Kretschmer, one of the CDU deputy chairs, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz regarding a matter that I believe is counterproductive. I have extended invitations to each of them to attend my upcoming lecture on October 17, where Bitcoin evangelist Samson Mow will be speaking.
As a cryptocurrency analyst, I would express it this way: In her correspondence, the Member of Parliament points out that investing in Bitcoin provides a distinct advantage for portfolio diversification. This digital currency has the potential to reduce risks associated with heavy concentration in conventional asset categories.
As an analyst, I would express it this way: I have observed that Bitcoin’s limited supply makes it an effective hedge against inflation and potential currency devaluation, based on Cotar’s perspective.
In addition, the supportive parliament member has pointed out that Bitcoin, being the front-runner cryptocurrency, can foster innovation, economic independence, and technological advancement.
In 2023, I analyzed the economic landscape and identified an emerging trend in cryptocurrencies. Similar to El Salvador’s move, I proposed a legislative initiative in Germany to recognize the flagship cryptocurrency as legal tender.
Last month, I observed that the German government engaged in significant Bitcoin sales, offloading a substantial amount of this cryptocurrency for hundreds of millions of dollars. This bearish action from one of the world’s largest economies may have influenced Bitcoin’s subpar performance during that period.
Following the German authorities’ takedown of Movie2k.to, a widely-used piracy site over a decade ago, the German government amassed a significant amount of Bitcoin holdings, making it one of the largest custodians of this digital currency.
As a researcher, I came across an intriguing piece of information this morning. PeckShieldAlert indicated that the German government moved an additional 1.3K Bitcoins to exchanges. This news added fuel to the selling pressure, causing the Bitcoin price to plummet down to $56,836.
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2024-07-04 21:09