Voices for Bitcoin Reserves Rise in the European Union
Sarah Knafo, a Member of the European Parliament, argued that the European Union should invest in Bitcoin to establish strategic national Bitcoin reserves and opposed the European Central Bank's (ECB) plans for a digital euro. Knafo expressed these views in a video shared on December 17, stating that nations need to invest in Bitcoin to protect their freedoms.
In her speech, she cited the success of El Salvador’s Bitcoin investments and the plans of former U.S. President Donald Trump to establish a strategic Bitcoin reserve. Criticizing the ECB's digital euro plans, which she argued could enable authoritarian control, Knafo emphasized that Bitcoin’s decentralized nature offers individual financial freedom. She declared, "No to the digital euro, yes to Bitcoin reserves," asserting that Europe should utilize crypto assets as national funds.
Knafo suggested a new approach against central banking, stating that Europe’s reliance on current traditional financial systems increases risks such as economic crises and inflation, signaling a need for structural change. She highlighted the necessity of protecting citizens from inflation caused by economic decisions and condemned the EU’s existing policies. Additionally, she called for a transition to a new financial era where Bitcoin is recognized as a safe haven.
Referencing Federal Reserve Chairman Jerome Powell’s description of Bitcoin as "digital gold," Knafo noted that these developments are accelerating Bitcoin’s global adoption. She also argued that France should leverage its nuclear energy advantage to develop the cryptocurrency mining sector and criticized excessive tax practices on cryptocurrency holders. Ultimately, Knafo contended that the control of economic decisions should not rest with bureaucrats and advocated for citizens' financial independence.
Knafo emphasized that the time has come for Europe to adopt Bitcoin as a strategic reserve to overcome traditional economic problems and protect citizens from adverse economic decisions. She pointed out that France could utilize its nuclear power advantage to strengthen the cryptocurrency mining sector while calling for the elimination of excessive tax burdens on crypto investors.
Her calls have brought the decentralized finance revolution to the forefront of the European Parliament's agenda. In her speech, Knafo urged the EU to take bold steps to change existing economic policies, emphasizing the broader acceptance of the freedom that Bitcoin offers.