KEY POINTS
- Cotar said the 'solution' she sees for Germany's broken financial system is Bitcoin
- She said many German politicians are 'misinformed,' resulting in the great German dump of $3B in Bitcoin
- 'We need to see the chances first and grab them,' she said of emerging technologies
- Cotar urged Bitcoiners to reach out to their representatives to educate them about Bitcoin
Bitcoin has been touted as a potential hedge against inflation by many BTC enthusiasts and maximalists, but for a change, a German parliament (Bundestag) member agreed that the world's largest cryptocurrency by market cap can do something to fix a key problem in many economies.
On the first day of Bitcoin Amsterdam conference on Wednesday, German MP Joana Cotar, spoke about the potential of BTC to change the economy and fix the inflation problem of a country.
Cotar: The German Gov't is One Majority No Longer Wants
Cotar, who is now an independent MP, said at the event that it was the best decision she made in her political career – freeing herself from a specific party's interests.
She also revealed that there are only around "0 to 3%" Germans "who want this government to continue." She explained that the reason for the current government being one the people no longer want to continue is "they have nothing in common," with politicians fighting all the time.
When asked if she agrees whether in Germany and many other countries, "money is broken," she said, "yeah." Notably, Cotar has publicly come out in support of BTC even before she spoke at Bitcoin Amsterdam.
Bitcoin's Similarity with Cotar's Cause – Fighting for Freedom
Cotar was asked how she first learned about Bitcoin and what qualities of the digital currency did she find interesting. She first explained how her political career started as she wanted to fight for "freedom."
"I knew that our money system was broken. I knew that printing money isn't the solution," she went on to explain. In the early years of her career, she didn't have the solution.
It was her brother who told her to invest in Bitcoin back in 2013. She admitted that she regrets not investing at that time, but that her brother did. When she watched a video on Bitcoin and economics, she said it was the "Aha" moment for her. "That was the solution I was looking for," she added.
She went on to reveal that she tried to push Bitcoin within her party but to no avail. After leaving her party, she realized that she can finally discuss and push "topics that are dear to my heart." Last year, Cotar blasted central bank digital currencies (CBDCs) at the Bundestag while wearing a BTC T-shirt.
NEWS - German MP @JoanaCotar criticizes CBCDs in the Bundestag while sporting a #Bitcoin T-shirt. 🚀
— Simply Bitcoin (@SimplyBitcoinTV) November 9, 2023
🔊Translated to english pic.twitter.com/ohH5CqAO3E
How Parliament Views Bitcoin
According to Cotar, the German parliament is "misinformed" about how Bitcoin actually works. She said her colleagues view the digital coin as a "climate killer," a tool "used by terrorists," but she noted that it's something she wants to change.
She further reiterated that in Germany, the reason why politicians already have conclusions about BTC is because of the lack of proper education on the asset's potential.
The Issue on German Government's $BTC Dump
Cotar explained how it is "the law in Germany to sell things like these if they lose value in a short time." She said it was "unfortunate" that in German law, Bitcoin falls under the category of assets that need to be sold "fast" due to the digital asset's volatile nature.
On the other hand, she also reiterated that German politicians had enough time after they seized the coins in January to come together and learn more about what BTC can do but chose not to. She also said they had a lot of time to change the law, but did not, revealing that she wrote letters to the finance minister and the Chancellor to "stop" the dump of a staggering $3 billion in Bitcoin from June through July.
She acknowledged that in Germany, the problem is that people are generally scared of new things. German politicians "see the risks first" instead of digging deep into an emerging technology's potential benefits, she said. "That's why we're always behind," she argued.
"We need to see the chances first and grab them," she said.
Bitcoin's Transformative Quality
"If you have a right Bitcoin strategy, you really have the potential to transform a nation," Cotar said of her transformative view of the world's first decentralized digital currency. She went on to note how inflation is "stealing money from the people every month" and inflation rates climbing is never okay. "Bitcoin is going to fix this," she added.
JUST IN: 🇩🇪 German parliament member Joana Cotar says "with the right #Bitcoin strategy you have the potential to transform a nation." 👀
— Bitcoin Magazine (@BitcoinMagazine) October 9, 2024
Inflation is "stealing money from the people every month, Bitcoin is going to fix this" 👏 pic.twitter.com/3DWWq0NYff
"For me, Bitcoin is the freedom currency," Cotar said. She also urged Bitcoiners to talk to their MPs and politicians and get them to listen, saying it's one way to hopefully trigger change and potentially, make real impact in political views.
