German MP Urges Government to Stop ‘Hasty’ Bitcoin Selling

German MP and Bitcoin activist Joana Cotar has urged the government to stop its “hasty” Bitcoin selling spree and instead adopt it as a “strategic reserve currency” to protect against the risks of the traditional system.

“I urge you to refrain from hastily disposing of state-owned bitcoins,” the pro-Bitcoin politician wrote to members of the German government on July 4.

Cotar said that Bitcoin BTC/USD This could help Germany diversify its Treasury assets, serve as a hedge against inflation and currency devaluation, and promote innovation at home.

A further sale is “not reasonable” and is “counterproductive” for the country, said Cotar, who also used the letter to invite four German politicians to the “Bitcoin Strategies for Nation States” event in October to potentially give the orange pill to his peers.

The German government has now sold 7,583 Bitcoins – worth $434.9 million at current prices – since June 19, according to cryptocurrency intelligence platform Arkham.

The latest sale saw $172 million worth of transfers to cryptocurrency exchanges Coinbase, Kraken and Bitstamp on July 4.

Germany now holds just 42,274 Bitcoins, worth $2.4 billion, across all its wallets.

Cotar wants the selloff to stop now, stressing that Bitcoin could strengthen the country’s economic independence and increase its resilience to external financial uncertainties.

“Instead of divesting, I recommend developing a comprehensive strategy for Bitcoin. This could include keeping Bitcoin in the treasury, issuing Bitcoin bonds, or creating a conducive regulatory environment,” Cotar said in the translated statement.

Part of this Bitcoin strategy would be to establish a legal framework to promote Bitcoin-based innovation and attract top talent from around the world.