European Parliament Member Advocates for Bitcoin Reserve

Sarah Knafo, representing the Reconquista party in the European Parliament, has called for the establishment of a strategic Bitcoin reserve, opposing the digital euro.

BREAKING: ?? European MP gives pro-#Bitcoin speech in the European Parliament calling for a “Strategic Bitcoin Reserve”.

❌NO to the digital euro
✅ YES to a strategic reserve of BITCOIN ? pic.twitter.com/NAO0nupol9

— Bitcoin Archive (@BTC_Archive) December 17, 2024

The legislator highlighted the appeal of the first cryptocurrency due to its decentralized nature, limited supply, and growing adoption. Knafo urged consideration of Bitcoin for diversifying reserves and hedging against economic uncertainty.

In her speech, the Reconquista representative compared the development of digital asset regulation worldwide, mentioning El Salvador’s legalization of the first cryptocurrency and the program of the elected US president.

Knafo also recalled the comparison of Bitcoin to precious metal by the head of the Federal Reserve, Jerome Powell.

She expressed regret that in Europe, authorities are mainly focused on regulation, taxation, and stifling innovation.

In her view, the ECB needs to shift from excessive oversight to embracing Bitcoin’s decentralized nature.

“It is time to change the paradigm. We must protect the population from inflation and poor economic choices by our states. It is important to say ‘no’ to the totalitarian temptations of the ECB, which wants to impose a digital euro,” she concluded.

On December 17, former German Finance Minister Christian Lindner urged the Bundestag to adopt a Bitcoin strategy, citing missed opportunities.

BESSER SPÄT ALS NIE?@c_lindner hat der (noch) #Bundesregierung um @OlafScholz gerade vorgeworfen, Innovationen um #Bitcoin zu verpassen! ?

Nach dem Motto: “Die USA machen es gerade vor!” pic.twitter.com/UuGhmGffmh

— Blocktrainer (@blocktrainer) December 16, 2024

In July, the country’s legislator Joana Cotar criticized the authorities for selling the first cryptocurrency. Within a month, the German Federal Criminal Police Office disposed of 49,858 BTC for €2.6 billion ($2.88 billion).

In November, Brazilian Congressman Eros Biondini proposed the creation of a strategic Bitcoin reserve.

Implementing such an initiative at the federal level in the US was one of Donald Trump’s campaign promises.

In July, Senator Cynthia Lummis introduced a bill proposing the purchase of 1 million BTC (no more than 200,000 BTC per year over five years) using the Federal Reserve’s gold reserves.

In December, Lummis expressed hope for support from Trump-nominated Treasury Secretary Scott Bessent in advancing the document.

On December 12, a bill proposing the creation of a strategic Bitcoin reserve was submitted to the Texas House of Representatives. Other US states are developing their own versions.

Despite enthusiasm from many politicians, former US Treasury Secretary Lawrence Summers called the initiative “madness.”

As reported, a national Bitcoin reserve would become a valuable geopolitical tool for the US, according to Riot Platforms’ Director of Government Relations Sam Lyman.

Binance founder Changpeng Zhao predicted a race among states in the digital gold market if Trump’s plan is implemented.