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- EU MP has made a case for the bloc to establish a Bitcoin strategic reserve.
- Countries, including the United States and Japan, are also exploring this move.
Sarah Knafo, a member of the European Parliament, recently submitted a proposal for Europe to create a Bitcoin strategic reserve.
This development comes amid optimism surrounding the establishment of a Bitcoin reserve in the US, following President-elect Donald Trump’s campaign promise. The European MP’s proposal has contributed to the ongoing Bitcoin (BTC) rally, with the price hitting a new all-time high.
The European Lawmaker Bitcoin Reserve Proposal
Speaking in Brussels, Sarah declared, “It is time to protect our people from inflation and the poor economic choices of our states.”
Further echoing her stance on the leading cryptocurrency, the 31-year-old lawmaker wrote on X, “NO to the digital euro. YES to a strategic national reserve of BITCOIN.”
NON à l’euro numérique ❌
OUI à une réserve nationale stratégique de BITCOIN 🔥 pic.twitter.com/o886lk9uV8
— Sarah Knafo (@knafo_sarah) December 16, 2024
Sarah also warned that the European Central Bank’s plans to implement a Central Bank Digital Currency (CBDC) might result in a “dystopian world.” She described this as a world where transactions are regulated, and persons are debanked for making contentious social media posts.
The European lawmaker further praised El Salvador’s decision to invest in BTC over the past few years. She pointed out that El Salvador’s current holdings showed an added value of over 100%, despite initial criticism from industry stakeholders like Ethereum founder Vitalik Buterin.
Although Sarah supports El Salvador’s Bitcoin investment strategy, she has opposed the European Central Bank’s proposal to impose a digital Euro. She said Europe should focus on financial freedom by investing in Bitcoin rather than imposing the Digital Euro. Therefore, she proposed that the EU consider making Bitcoin a national strategic reserve like the US.
Sarah’s speech comes amid a global shift towards Bitcoin, with several countries, lawmakers, and institutions increasing their focus on the leading cryptocurrency. The competition has begun following Donald Trump’s election victory and his vocal advocacy for the crypto market, particularly Bitcoin.
Furthermore, Trump recently unveiled plans to create a Bitcoin strategic reserve. This means the country will preserve $20 billion worth of BTC seized from criminals as an investment for the American people. Some crypto community members even want Trump to go further by ordering the U.S. to buy Bitcoin in addition to this stockpile.
How Bitcoin Is Reacting Globally
The optimism surrounding a potential US Bitcoin Strategic Reserve under Donald Trump’s presidency has ignited a bullish price rally for BTC.
Adding to this optimism is the recent call from Europe and even Japan. BTC touched its all-time of $107,780.58 early in the day before stabilizing at the current $106,344 as of this writing. In the last 24 hours, BTC soared by 2.13% and 10.3% within the last seven days.
The 24-hour trading volume increased by 2.5% to over $77 billion, indicating investors renewed confidence.
Experts anticipate that the rally will continue in the days ahead. Notably, veteran trader Peter Brandt predicted that the BTC price is poised to hit $125,000 soon. Meanwhile, the robust inflow into US Spot Bitcoin ETF indicates the growing institutional interest in the asset, per a CNF report.
