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German lawmakers call on the government to stop selling Bitcoin, saying the move could affect the stability of the crypto market

Odaily News German MP Joana Cotar strongly criticized the government's move to sell large amounts of Bitcoin. On-chain data shows that the German government recently transferred more than $195 million worth of Bitcoin to various crypto exchanges, including Coinbase, Kraken and Bitstamp, a move that exacerbated market volatility. Critics believe that such a large-scale government sell-off could have a long-term negative impact on the stability of the crypto market. These Bitcoins originated from an investigation into the illegal website Movie2k.to, when approximately 50,000 Bitcoins were seized. Cotar wrote on X that the German government should reconsider this strategy and discuss with the United States the use of Bitcoin as a strategic reserve currency in comparison. She expressed her concerns to Saxony Governor, President Michael Kretschmer, Finance Minister Christian Lindner and Chancellor Olaf Scholz, urging them to reconsider this strategy and invite officials to attend the "National Bitcoin Strategy" lecture on October 17 to discuss how to use Bitcoin to enhance the national economy. (CryptoSlate)
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