Deniz 
German politician and Bitcoin supporter Joana Cotar has urged the government to cease its ‘hasty’ Bitcoin selling frenzy and instead adopt it as “strategic reserve money” to shield against hazards in the conventional system.
“(I) urge you to refrain from a hasty disposal of state-owned Bitcoin,” the Bitcoin-friendly politician wrote to government officials in Germany on July 4.
According to Cotar, Bitcoin might enable Germany to diversify its treasury assets, act as a counter against inflation and devaluation of currencies, and encourage national innovation.
According to Cotar, who also used the letter to invite four German politicians to the “Bitcoin Strategies for Nation States” event in October to maybe orange-pill her peers, a further sell-off is not ‘sensible’ and is ‘counterproductive’ for the country.
Current State of Germany’s Bitcoin Holdings
Based on the bitcoin data platform Arkham, the German government has lately sold 7,583 bitcoins, worth $434.9 million at current rates.
On July 4, the most recent sell-off saw $172 million worth of transactions to Coinbase, Kraken, and Bitstamp cryptocurrencies exchanges. From all of its wallets, Germany today only has 42,274 bitcoins, valued at $2.4 billion.
Stressing that Bitcoin might boost the nation’s economic independence and raise its resilience to outside financial uncertainty, Cotar wants the mass sale to halt now.
“Instead of divesting, I recommend developing a comprehensive Bitcoin strategy. This could include keeping Bitcoin in the state treasury, issuing Bitcoin bonds or creating a conducive regulatory environment,” as Cotar stated in the translated statement.
Establishing a legal framework to support Bitcoin-based innovation and drawing top expertise from all around the world would be part of that Bitcoin approach. Regarding whether the German government plans to sell the remaining Bitcoin, it has not been stated clearly.
Germany already has a strong buyer, though, as Tron founder Justin Sun reportedly offered to purchase the nation’s $2.3 worth of Bitcoin in order to least affect the market.
But the current price drop of Bitcoin has been connected with Germany’s ongoing Bitcoin sell-off and Mt. Gox’s $9 billion refund policy to creditors.
Right now, Bitcoin is trading at $54,391; over the past week, it dropped 10%; over the past month, it dropped 22%.
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