Bitcoin Petition Gains Momentum in Germany, Seeking Federal Bank Reserve Inclusion
A petition is gaining traction in Germany, calling on the Federal Bank to include Bitcoin in its strategic reserves. The move, which has so far garnered 333 supporters, aims to make the bank's portfolio more resilient and future-proof.
The petition argues that Bitcoin, as an 'ultra-hard asset', could help safeguard Germany's solvency in times of crisis. It suggests that the Federal Bank should gradually build a Bitcoin position, aiming for a reserve value of 1-5%. Currently, the bank's official reserves amount to 219.86 billion euros, with gold making up around 73%, valued at 142 billion euros.
ECB President Christine Lagarde has expressed skepticism about Bitcoin, stating it's 'very unlikely' that central banks will include it in the basket of reserve currencies. She cited Bitcoin's high volatility and lack of regulatory compliance as key concerns. The ECB focuses on stability and regulatory compliance, which Bitcoin does not currently provide. The petition contends that central banks' 'inflating monetary policy' threatens savings and burdens future generations with debt, making Bitcoin an attractive alternative.
The petition, which seeks 50,000 signatures, aims to bring the topic of Bitcoin as a reserve currency into the public eye. By joining, supporters hope to influence the Federal Bank's reserve management strategy, potentially diversifying its portfolio beyond gold and traditional assets.
