German Lawmaker Ditches Digital Euro, Advocates Bitcoin As Anti-CBDC Solution
Highlights
- German lawmaker Joana Cotar has ditched the idea of the digital Euro.
- She expressed anti-CBDC sentiments during a recent speech.
- Cotar advocated Bitcoin as she questioned the need for the digital Euro.
Independent member of the German Bundestag, Joana Cotar, has advocated for Bitcoin (BTC) again. Furthermore, she voiced strong opposition to the European Central Bank’s (ECB) push for a digital Euro. In a speech delivered to the parliament, Cotar questioned the necessity of the digital Euro, which was proposed by ECB President Christine Lagarde. Moreover, she stated that no one has clearly explained its benefits.
German Lawmaker Pits Bitcoin Against Digital Euro
Cotar emphasized that the demand for a digital Euro seems limited to the ECB and a select group of politicians. In addition, she expressed concerns about the financial risks posed by this new form of currency. “The promises that the ECB makes on privacy are not worth the paper they are written on,” Cotar declared, reflecting widespread skepticism.
Cotar further criticized the ECB’s assurances on privacy. Moreover, she noted that the ultimate responsibility for balancing privacy and policy objectives would fall on European lawmakers. “We know your trick,” she said, accusing authorities of gradually increasing surveillance and control under the guise of harmless initiatives. Cotar ended her speech with a call to “Study Bitcoin.”
Furthermore, Cotar took to social media to amplify her message. Sharing a video of her speech on X, she wrote, “It’s not about another means of payment. It’s about control. The #digitaleEuro is the path to total surveillance. A minute of speaking time isn’t much, but I couldn’t remain silent on the topic. #CBDC #Bitcoin.”
In recent weeks, the German government has been active in the crypto market. They currently hold 39,826 Bitcoin valued at approximately $2.30 billion. This follows the offloading of over 10,000 BTC from their reserve of 50,000 BTC, as reported on June 18. On Thursday, July 4, the government allegedly offloaded another 1,300 Bitcoin to major crypto exchanges.
Also Read: German Govt Transfers Another 700 Bitcoin Amid Price Recovery
German BTC Liquidation
Blockchain analytics firm Arkham Intelligence reported that 500 BTC worth $29.05 million went to Bitstamp on Thursday. Similarly, 400 BTC worth $23.24 million were transferred to Coinbase, and another 400 BTC to Kraken. In total, the government offloaded nearly $76 million worth of Bitcoin. This massive liquidation coincided with a drop in Bitcoin’s price below $58,000, raising concerns about a further dip.
On July 5, the German government sent 547 BTC valued at $30 million to the market maker Flow Traders. Additionally, they have been moving Bitcoins to various BTC wallets and sending them to three crypto exchanges – Kraken, Bitstamp, and Coinbase.
On the same day, they moved 700 BTC worth $39.53 million to a new wallet address, 139PoP…, which has recently received significant amounts of Bitcoin from the government. Moreover, the following day, as Bitcoin’s price rebounded past $56,000, the government shifted another 700 BTC worth $40.47 million to the same 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.
Cotar believes that Bitcoin offers a unique opportunity for investors to diversify their assets. She argued that Bitcoin could mitigate the risks associated with traditional investments. She compared Bitcoin’s capabilities to those of traditional assets, highlighting its potential benefits.
Moreover, Cotar also invited these officials to attend her upcoming lecture on October 17. The event will also feature Bitcoin maximalist Samson Mow as a guest speaker. Hence, Cotar is determined to continue advocating for Bitcoin and against the digital Euro. Moreover, she positioned herself as a prominent voice in the debate over the future of digital currencies in Europe.
Also Read: Bitcoin Maxi Hints What Comes Next After Germany, Mt Gox Selloff
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
