German MP Criticizes Bitcoin Sell-Off, Advocates for Strategic Reserve

A German MP, Joana Cotar, has slammed the government's decision to sell off bitcoin seized from the Movie2k website, urging them to instead hold it as a strategic reserve. Cotar argues that selling bitcoin is "not sensible" and "counterproductive", and instead advocates for a comprehensive bitcoin strategy that includes holding it in the state treasury, issuing bitcoin bonds, and creating a conducive regulatory environment. She believes bitcoin offers an opportunity to diversify the state's assets, reduce risk associated with traditional investments, and act as a hedge against inflation. Meanwhile, the German government continues to transfer bitcoin to crypto exchanges. Arkham data shows they've transferred approximately $269 million worth of bitcoin to exchanges and $350 million to an unidentified address, while also withdrawing at least $86 million from exchanges. The news of the sell-offs has contributed to a recent drop in bitcoin's price, which is currently trading at $54,074.