European Union MEP Sarah Knafo has referred to as on the bloc to prioritize a strategic bitcoin reserve as an alternative of shifting ahead with the European Central Financial institution's (ECB) digital euro challenge.
In a December 17 video shared on X, Knafo criticized the ECB's plan for a centralized digital foreign money, arguing that it dangers monetary freedom and overreach. As a substitute, she advocated bitcoin as a decentralized hedge in opposition to inflation and dangerous financial coverage.
Knafo mentioned a strategic bitcoin reserve would convey the EU into line with world monetary traits whereas selling resilience to financial uncertainty.
Bitcoin as a strategic asset
Knafo wrote:
“NO to the digital euro. YES to the BITCOIN strategic reserve.”
The lawmaker pointed to El Salvador as a first-rate instance of bitcoin's potential. Regardless of worldwide skepticism, El Salvador adopted bitcoin as authorized tender three years in the past, and since then its nationwide bitcoin funding has doubled in worth.
Knafo famous that this monetary acquire has improved financial safety and empowered residents, providing a mannequin that European international locations may replicate. She referred to as on EU states to acknowledge the strategic significance of bitcoin and comply with the instance of El Salvador by increase their reserves.
The lawmaker additionally talked about altering attitudes in the USA. Federal Reserve Chairman Jerome Powell's description of Bitcoin as “digital gold” and President-elect Donald Trump's evolving stance underscore the rising recognition of BTC's potential as a dependable monetary asset.
Defending monetary freedom
Knafo warned that the ECB's push for the digital euro indicators a shift in the direction of extreme centralized management.
She acknowledged:
“It's time to alter the paradigm. It’s time to shield our folks from inflation and the dangerous financial selections of our states. It’s time to say no to the totalitarian temptation of the European Central Financial institution, which desires to impose the digital euro totally in its arms.
As a substitute, she argued that bitcoin gives a decentralized various that empowers residents and promotes monetary independence.
Knafo concluded by calling on European leaders to undertake a forward-looking monetary technique. She argued that bitcoin would allow the EU to safe its financial future, strengthen resilience and promote the ideas of economic freedom.
