German Parliament Member Urges Government To Cease Selling Bitcoin
2024年7月5日 - 4:00PM
NEWSBTC
Joana Cotar, an independent member of the Bundestag, one of
Germany’s legislative chambers, has called on the government to
stop the ongoing Bitcoin (BTC) sell-off, which has had a notable
impact on the BTC market, resulting in a 10% drop in the
cryptocurrency’s price over the past two weeks. Bitcoin As
Valuable Asset Class For State Treasury In a letter addressed to
the government, Cotar emphasized that BTC has gained recognition as
a genuine asset class and a promising investment for the future due
to its remarkable price surge. The lawmaker highlighted that
traditional financial institutions now view Bitcoin as a real asset
with properties similar to “digital gold,” making it suitable for
the state treasury. Related Reading: Solana Meme Coins
Outperform Ethereum 800% YTD – Top Winners Revealed Cotar pointed
out that governments worldwide are reevaluating Bitcoin to foster
innovation within the ecosystem or enforce stricter regulations on
Bitcoin ownership and transactions. However, she acknowledged
that understanding the benefits of Bitcoin can be challenging for
individuals, and the same applies to governments and politicians.
Cotar underscored that a well-designed Bitcoin strategy has the
potential to reshape a country’s development, foster economic
prosperity, and safeguard fundamental human freedoms for all
citizens. As BTC continues to gain acceptance globally, she
believes more nations will consider integrating it into their
financial and economic systems. Interestingly, Cotar outlined
several advantages for the German government in retaining its
Bitcoin holdings instead of selling them. BTC Strategy For Germany
Firstly, including Bitcoin in the treasury alongside traditional
fiat currencies and gold reserves diversifies a nation’s assets,
reducing risks associated with overexposure to a single asset
class. Second, the lawmaker highlighted Bitcoin’s scarcity
and deflationary nature, which makes it an attractive alternative
for wealth preservation. By holding Bitcoin as part of the national
treasury, Cotar believes that the government can protect national
reserves from inflation and currency devaluation beyond its
control. Furthermore, Cotar highlighted that including Bitcoin in
the treasury can enhance overall portfolio performance, as various
studies have shown that Bitcoin’s risk-adjusted returns surpass
those of traditional investments like stocks and bonds over the
long term. Related Reading: Solana Eases Gains: Can SOL Bulls
Safeguard the $132 Support? Cotar, who has long been a proponent of
making Bitcoin legal tender in Germany through appropriate
legislation, further argued that developing a favorable regulatory
framework for all Bitcoin-related activities can open doors for new
businesses and technological progress while paving the way for
further economic development in the country. Cotar concluded
by emphasizing that a Bitcoin-friendly legal framework will promote
research and development in the financial and technology sectors,
attract top talent, and foster collaboration between private
companies, government institutions, and the scientific
community. Sell-Off Continues, Putting Pressure On BTC Price
It is worth noting that the German government sold another batch of
confiscated BTC worth over $175 million on Thursday. According to
data from market intelligence platform Arkham, the German
authorities still hold 40,359 BTC worth approximately $2.3 billion.
This, along with the US government selling off its Bitcoin
holdings, caused BTC to fall as low as $56,700 on Thursday.
However, the largest cryptocurrency in the market, which has seen a
17% price drop in the monthly time frame, has recovered to its
current price level of $58,300. Featured image from DALL-E,
chart from TradingView.com
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