While world governments continue to focus on crypto regulation and control, individual officials have seen Bitcoin’s potential.
This week, German parliament member Joana Cotar openly advocated for Bitcoin as a tool for economic stability.
Cotar believes that the cryptocurrency gives financial independence back to the people.
Crypto is especially useful in countries with a financially underserved population.
This week, German parliament member Joana Cotar emerged as a strong advocate for Bitcoin.
During a recent interview with TFTC, the German MP suggested that the cryptocurrency could be a major tool in combating inflation and promoting economic independence.
The interview, which happened on 9 October saw Cotar endorsing Bitcoin as a major tool for protecting personal wealth.
Cotar also argued that inflation is eroding the value of actual money every month.
Here's why such a high-ranking official believes Bitcoin is the key to promoting financial sovereignty and decentralizing control.
Cotar wasted no words in the interview.
She made it clear that her support for Bitcoin stems from its ability to empower individuals during times of economic instability.
According to her, the flagship cryptocurrency allows people to take control of their wealth without reliance on fiat or centralized banking systems.
She framed this as a basic freedom issue where Bitcoin’s decentralization can restore financial independence.
“Bitcoin is going to fix this,” Cotar said. She added that it offers people sovereignty over their wealth.
In her view, this independence is vital for personal freedom—especially in economies where inflation threatens to wipe out savings over time.
The German official also expressed that financial autonomy is extremely important.
Moreso, people should not have to depend on the government or financial institutions to manage their money.
While Cotar’s comments about Bitcoin were made in reference to Germany, she also touched on how it can help people in financially unstable regions.
She pointed out that Bitcoin could serve as a tool for financial inclusion. This works especially in developing countries where access to traditional banking services is limited.
“The financial inclusion you get from Bitcoin, the economic sovereignty you get from Bitcoin—there are so many aspects why Bitcoin is good for the world,” Cotar stated.
She hammered in her belief that Bitcoin can drive positive global change—especially in areas struggling with economic inequity.
While Cotar promotes Bitcoin, her views may not align fully with the German government’s.
For example the German government recently took some major steps to regulate crypto activity within the country.
The state recently shut down a staggering 47 cryptocurrency exchanges in a single day.
All were closed over allegations of allowing users to make anonymous transactions without KYC.
This allowed certain customers to violate anti-money laundering regulations amid several other crimes.
According to the country’s Federal Criminal Police Office (also known as the Bundeskriminalamt or BKA), these exchanges allowed the exchange of both fiat and crypto—which allowed bad actors to hide the origins of large sums of money.
This made crypto exchanges within the country attractive to cybercriminals including ransomware groups and darknet vendors.
Most of these malicious actors also used these platforms to funnel illicit funds into the mainstream financial system.
This move shows a broader effort to crack down on illegal crypto activities, even as prominent voices like Cotar advocate for more adoption.
Interestingly, Germany’s stance on Bitcoin came into sharp focus in July, earlier this year.
Between June and July 2024, the state of Saxony reportedly sold a staggering 50,000 Bitcoin that had been seized from the operators of a movie piracy website.
Most of the sales took place in July when the government offloaded the BTC for around $2.87 billion.
This secured it a profit of over $740 million from the initial acquisition cost.
Selling off Bitcoin
According to the Dresden Public Prosecutor’s Office, the German government ordered the sale due to fears that the price of the cryptocurrency could drop by more than 10%.
Even though the sale was legally mandated, it also occurred during the heat of the Bitcoin ETF demand.
Joana Cotar’s advocacy for Bitcoin shows a growing debate about the role of crypto in the modern economy.
Inflation has especially been severe in 2024, with CNBC noting that German core inflation (aside from food and energy costs) sat at around 2.7% for September.
While government agencies like those in Germany are focused on regulation and control, Cotar and others argue for crypto as a path to financial independence.
As more world governments get involved, the conversation around Bitcoin is likely to become stronger.
Over the years, Bitcoin will increasingly be seen as a major safeguard for wealth:
Whether through personal financial sovereignty as Cotar suggests, or through broader economic reforms.
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